Veloce Shoulder Bag Personal Item?

I haven't used it on Iberia, but have used it as a personal item on other airlines, including some Euro-"Budget" airlines with no problem.

I haven't used it but fly on Iberia fairly often. My son has a similar size bag and has had no trouble. As long as it fits under the seat in front of you (and it will, unless you have a ton of stuff bursting out of it) it will be fine. It fits in their rules and in my experience Iberia doesn't even look at under seat items size or weight, unless the flight attendant sees that it doesn't fit.