[11] When parent company ILG ceased trading in 1991 Air Europa continued profitably with a larger fleet of Boeing 737s and 757s.

In June 2005, it was announced Air Europa was among four future associate members of the SkyTeam alliance, due to join by 2006.

[14] On May 22, 2019, the National Civil Aviation Agency of Brazil (ANAC) granted Air Europa permission to operate domestic flights in the country.

As of June 2019, no details were available about Air Europa's future domestic operations in Brazil, a market which the airline already serves with international flights from Madrid to Salvador and Recife.

IAG expected to see an ROI by the fourth year with full synergy by 2025 including inter-group codeshares, bank timing adjustments at Madrid Airport, and sales and loyalty program alignment.

[16][2] Plans for a merger were scrapped in November 2021, with both parties seeking ways to revive it, with a deadline set for the end of January 2022.

[27] If the deal were to be approved by regulators, then once the merger would be complete, Air Europa was expected to exit SkyTeam and join other IAG members as part of Oneworld.

[31] IAG said it would instead seek to grow its position in Madrid to develop it into a rival to Europe's major aviation hubs.