Being too cautious??

Hi, we are traveling to 3 European countries at the end of August. NEARLY everything we booked is cancellable, so our game-plan is to wait and see. If COVID ramps up just before our trip we will cancel the trip and cut our losses (Louvre, Eiffel Tower...things that can't be cancelled).
If your flight and accommodations cannot be cancelled w/o huge penalties I would take the risk and go anyway. It would totally suck to be stuck in Portugal/Spain for an extra 2 weeks, but the odds are definitely in your favor. You are vaccinated. Stay away from indoor places and definitely wear a mask when you are indoors on your trip. There are plenty of outdoor things to do and see in those 2 countries!
Best wishes!

My response would be the same as given to your identical query about visiting Greece in September.

The situation is actually heading in the right direction here in Portugal - finally! The vaccination rates were better than the US per 100,000 a week ago. And, the government is relaxing some of the rules in September. I’m really feeling like things will be much better by then.

That said, watch the situation very carefully and wait as long as possible before making the decision. And, it’s very easy to eat all your meals outside because the weather is so good and so many places have increased their outside seating in the last two years. Museums, etc. will likely still have low numbers of people and masks will still be worn. Unlike the US, the people here have complied with the mask mandates well and will likely continue to do so.

I'll add that as part of our 'be prepared but relax" mantra we are carrying an extra two week supply of medication. If we need it, no worries. If we don't, we carry the 10,000 pills back home with us. Small price to pay.