A discovery was made by Gary Leff of Boarding Area’s View From the Wing Blog that Iberia (owned by British Airways parent company IAG) have changed their short haul redemption rates and created a new American Airlines only award chart.
As Gary points out this is a devaluation of 333% which is truly unprecedented in our mileage and points game. Unannounced changes from the Avios program, however is not without precedent. Therefore, I recommend you to burn them for short haul awards if you have any in mind. The long hauls do not seem to show much change. While this is not confirmed yet, it seems likely.
You have been warned.