The WASP-Index is computed over Iberia for three monthly timescales in 1961-2020, based on an observational gridded precipitation dataset (E-OBS), and in 2021-2070, based on bias-corrected precipitation generated by a six-member climate model ensemble from EURO-CORDEX, under RCP4.5 and RCP8.5. The WASP performance in identifying extremely dry or wet events, reported by the EM-DAT disaster database, is assessed for 1961–2020. An overall good agreement between the WASP spatial patterns and the EM-DAT records is found. The areolar mean values revealed an upward trend in the frequency of occurrence of intermediate-to-severe dry events over Iberia, which will be strengthened in the future, particularly for the 12m-WASP intermediate dry events under RCP8.5. Besides, the number of 3m-WASP intermediate-to-severe wet events is projected to increase, mostly the severest events under RCP4.5, but no evidence was found for an increase in the number of more persistent (12m-WASP) wet events under both RCPs. Despite important spatial heterogeneities, an increase(decrease) of the intensity, duration, and frequency of occurrence of the 12m-WASP intermediate-to-severe dry(wet) events is found under both scenarios, mainly in the southernmost regions of Iberia, thus becoming more exposed to prolonged and severe droughts in the future, corroborating the results from previous studies.