Adolfo Suárez Madrid-Barajas has four runways and five terminals, with Iberia and its partners concentrated in T4 and the T4S satellite used for long-haul boarding. It is the busiest airport in Spain and the primary European gateway to Latin America, so a misconnection here often involves a flight of eight hours or more. Transfers between T1-T3 and T4 need a shuttle bus and a good half hour, which is why tight connections fail.
Every departure from Madrid is an EC 261/2004 case, and Barajas is where the €600 band matters most: any flight over 3,500 km outside the EU, such as Bogotá, Buenos Aires or Mexico City, pays €600 per passenger for a three-hour arrival delay. A missed connection counts when both flights were on one booking, and the delay is measured at your final destination rather than in Madrid. Spain's enforcement authority is AESA, which can step in once the airline has had the chance to answer your written claim.
If you missed a long-haul connection in T4, ask Iberia or the operating carrier for the re-routing options in writing and note the arrival time you were finally given. Keep the onward boarding pass even if you never used it, because it proves you were booked on a single itinerary. Spanish carriers usually answer a written claim within a month; if yours does not, the AESA complaint form is free and accepts submissions in English.

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