Iberia have a surprisingly generous 50% off Avios reward flights promotion which is valid in economy, premium economy and business class. You must book before 10th February 2019, and travel between 1st February – 15th April 2019. You can book your flights using this link.
The 50% discount only applies to the Avios component of the flight, and not the taxes and ‘carrier imposed surcharges' which is very low with Iberia anyway. You can fly to between Madrid and New York during the off-peak season, which coincides with the majority of this promotion, for as little as 34000 Avios plus around €190 of tax and other fees.
There is one snag however. You need to have a Spanish address in your Iberia Plus profile. Reward flight prices do price up with the discount automatically. For instance here is me pricing up London Heathrow to Madrid in business class, which normally costs 12750 Avios. (You can see other route prices from my Iberia Avios Reward Chart)
Morality — my one-sided argument.
I actively encourage you to change your Iberia profile to a Spanish address temporarily, even if you have no connection to Spain. Before people accuse me of encouraging fraudulent behaviour, hear me out…
It is illegal for any EU government or entity to discriminate cross-border consumers based on their country of residence. (Exceptions do apply to regulated financial matters such as mortgages). Many years back there was a similar case in the build up to the London Olympics where tickets were on sale in Denmark, while those on sale in the UK were highly restricted, so many UK residents just bought the Danish versions. The EU's website for consumer rights (technically the European Commission's website) re-affirms this very point.
As an EU national or resident you can't be charged a higher price when buying products or services in the EU just because of your nationality or country of residence.
When you buy goods online in the EU, prices may vary from country to country or across different versions of the same website, for example due to differences in delivery costs. However, if you buy goods online without cross-border delivery – such as when you buy something online which you intend to collect from a trader or shop yourself – you should have access to the same prices and special offers as buyers living in that EU country. You cannot be charged more or prevented from buying something just because you live in another country.
The same rules apply when you buy services provided at the trader's premises, for example when you buy entry tickets for an amusement park, book a hotel, rent a car, or when you buy electronically supplied services (such as cloud services or website hosting), you are entitled to have access to the same prices as local buyers.
So with this I would have absolutely no qualms whatsoever to do what it takes to exercise my rights, especially when there are well-price flights at stake.
But if you're not an EU citizen or resident, that's another matter as the rules don't apply to you. I'll let you be your own moral judge.