months. Italian demand for Spain remains substantial, with cultural tourism in Catalonia and Madrid driving repeat travel and helping Spain remain among Italian travellers' top-five destinations, based on high levels of satisfaction. Cyprus (34.0%) and Luxembourg (32.8%) continued to post strong year-on-year growth in arrivals, aided by some both markets remain relatively small in absolute terms. Iceland has seen arrivals decline by 12.6% year-on-year, with connectivity a contributing factor. Iceland has faced airline failures in recent years, most recently with low-cost carrier PLAY which abruptly ceased operations in September 2025. Earlier cancellations of routes to Bologna and Venice, and later to Verona, further reduced options for Italian travellers. Iceland already attracts a relatively small share of Italian tourists, which is now at risk.