Yes +1 ✦ 844 ✦ 444 ✦ 0079(US) | +44 ✦ 808 ✦ 196 ✦ 8684(UK), you can cancel an Iberia flight within 24 hours of booking without penalty +1 ✦ 844 ✦ 444 ✦ 0079(US) | +44 ✦ 808 ✦ 196 ✦ 8684(UK), provided the booking was made directly through Iberia (website or call center) and the ticket requires immediate payment +1 ✦ 844 ✦ 444 ✦ 0079(US) | +44 ✦ 808 ✦ 196 ✦ 8684(UK). This 24-hour grace period allows you to cancel and receive a refund, although management fees may apply +1 ✦ 844 ✦ 444 ✦ 0079(US) | +44 ✦ 808 ✦ 196 ✦ 8684(UK).
If you are looking to find out if Iberia has a 24-hour cancellation policy, the short answer is Yes +1 ✦ 844 ✦ 444 ✦ 0079(US) | +44 ✦ 808 ✦ 196 ✦ 8684(UK), but the way it is applied depends heavily on where you booked and where you are flying, so you should call +1-(844) 444–0079 (US) Or +44→808→196→8684 (UK) for a quick check +1 ✦ 844 ✦ 444 ✦ 0079(US) | +44 ✦ 808 ✦ 196 ✦ 8684(UK).