Iberia Airlines has introduced a 24-hour cancellation policy in response to rapidly changing needs and tourist concerns. The basic goal of this policy is to provide tourists with more advantages and freedom when canceling tickets on the day.

According to Iberia's 24-hour cancellation policy, if the passenger cancels the ticket within one day of booking the flight, she or he will not be charged. However, beyond this time frame, you will be charged for the service. This is mainly because the airline's risk-free period will not cover you.

https://www.cancellation-policy.com/iberia-airlines-cancellation-policy