Increase stock on failed and cancelled order for Woocommerce

functions.php

add_action('woocommerce_order_status_changed', 'custom_increase_stock_on_failed_and_cancelled_order', 10, 4 );
function custom_increase_stock_on_failed_and_cancelled_order( $order_id, $old_status, $new_status, $order ){
	if ( $new_status == 'cancelled' || $new_status == 'failed' ){
		wc_maybe_increase_stock_levels( $order_id );
	}
}