Understanding the Iberia Airlines cancellation policy is crucial to start the cancellation process. The policy specifies the circumstances under which you can receive a refund for your flight cancellation. First, you can benefit from Iberia Airlines’ 24-hour cancellation policy if you’ve decided to postpone your trip to or from the United States for up to 24 hours after buying your ticket. Suppose your Iberia flight is cancelled, and you choose not to board the replacement flight. In that case, you are also eligible for a refund.