
Iberia is Spain's flag carrier and has made Madrid the leading European gateway to Latin America, with a wave structure in Terminal 4 that connects Europe to Bogota, Lima, Buenos Aires, Mexico City and beyond. It merged holding structures with British Airways in 2011 to create IAG while keeping its own brand, fleet and hub. Short-haul feeder flights are marketed as Iberia Regional and operated by Air Nostrum, and Madrid leisure and domestic services are largely flown by its own low-cost arm Iberia Express.
Iberia is an EU carrier, so EC 261/2004 applies to departures from Madrid and other EU airports and equally to its flights arriving from Latin America and the United States. Those transatlantic routes are all beyond 3,500 km, so a 4-hour late arrival in Madrid from Bogota or Santiago is a 600 EUR claim per passenger. Denied boarding on oversold Madrid waves is also frequent, and involuntary bumping pays the fixed amount immediately, on the spot, plus your choice of refund or rerouting.
Claim through the Iberia customer service form using the locator code and, for connecting itineraries, the ticket number, because a single booking may mix Iberia, Iberia Express and Air Nostrum segments. Identify the operating carrier before you write: if the delayed leg was flown by Air Nostrum or Vueling, name that airline in the claim even though the flight number began with IB. Spain has a strong enforcement route through AESA, which reviews EC 261 complaints for flights departing Spanish airports and issues a formal opinion you can use if Iberia refuses.

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