The airline has this special policy, so you can change or cancel your reservation for free. With Iberia Airlines less than 24-hour cancellation policy, you can cancel your reservation and get a full refund, no matter what type of fare you choose. However, you must cancel your tickets within 24 hours of booking and at least 7 days before the scheduled departure time. If you miss this risk-free window, you will have to pay a fee in accordance with Iberia Airlines Cancellation Policy.
If it is less than 24 hours after you purchased the original ticket, you can cancel free of charge.

If you have to cancel or change your flight more than 60 days before departure, there is no charge for you. If you must cancel or change your flight between 59 and 7 days from departure, you will be charged a $49 deduction per passenger for doing so. If the reservation is canceled within 6 days of travel, a $79 cancellation fee will apply. No cancellation fee will be charged for any reservation made between December 22, 2020 and March 31, 2021.

Your ticket will retain its value for 90 days and the value of your ticket may be applied to future ticket purchases. If you do not show up for your flight or cancel your ticket prior to departure, you will forfeit the remaining value of the ticket.