Spain’s state airport operator Aena announced a four-year, almost €13 billion investment plan intended to transform its airports and cater to growing passenger numbers in what is now the second-most visited country in the world.
The “historic” investment of €12.88 billion for the 2027-2031 period is significantly more than the $3.54 billion allocated over the budget period ending in 2026. Around €1.5 billion will go towards sustainability developments to help Spain hit its zero emissions targets by 2030, almost two decades ahead of wider sector goals.
However, the majority of the money will be spent on Madrid-Barajas (€4 billion) and Barcelona-El Prat ($3 billion), as well as other airports that serve the tourist industry, such as Málaga Airport (€1.5 billion), Alicante (€1.154 billion) and $800 million shared between Tenerife North and South, with €2.4 billion left for the other 40 AENA-operated airports.
Aena propondrá inversiones por unos 13.000 millones para los aeropuertos en España 🛫 🛬.
— Aena (@aena) September 18, 2025
▪️ El Gobierno de España, principal accionista de la empresa aeroportuaria, respalda la propuesta de plan de inversiones del periodo 2027-2031
▪️Se trata del mayor volumen de inversiones… pic.twitter.com/Ygcq0EIiC6
Explaining the allocation, AENA president, Maurici Lucena, said: “Madrid and Barcelona airports are close to capacity and need a new wave of investment. They are very full.” He also noted the improvements would be funded mostly through the fees airports charge to airlines – levies that have provoked bitter clashes between some carriers, notably Ryanair, and Spanish authorities.
Plans to raise those airport fees by 6.5% in 2026 have led Ryanair to withdraw from three Spanish airports over the winter season, as well as cutting overall seat capacity to Spanish destinations. Other airlines such as Vueling, Binter, and Wizz have since announced an increase in seat capacity to take advantage of the shortfall.
Meanwhile, Spanish President Pedro Sánchez has described the move as “much more than an investment proposal for 2027-2031; it’s the strategy that will allow us to continue modernising our airports, providing them with everything they need to adapt to demand.”
La propuesta de Plan de Inversiones de @aena 2027-2031 nos permitirá seguir modernizando y ampliando los aeropuertos españoles.
— Pedro Sánchez (@sanchezcastejon) September 18, 2025
Está dotado con alrededor de 13.000 M€, la mayor inversión de las últimas décadas, y una firme apuesta por la sostenibilidad social y medioambiental. pic.twitter.com/UwmeN1O2Kd
The proposals will now be reviewed by the Spanish coalition cabinet and may raise some eyebrows, given the amount of controversy about overtourism that has raged in Spain and its territories over recent years.
Spain welcomed record tourist arrivals last year and now sits only behind France in terms of worldwide visitor numbers. What’s more, its popularity shows no signs of abating. In the first eight months of 2025 alone, tourist visits to Spain reached 75.4 million, hitting a record 11 million in July, making commentators predict it will exceed the record 94 million visitors it managed in 2024, with revenues forecast to be over €260 billion.
