It'll defo affect flights to North Africa as you fly right over my house in Ibiza, but panic yea not, Spain won't hang around for long as soon as they think it's clear (and you can trust them) then the flights will resume. good luck!
If you look at the shape of the affected area (shown in red for flight level 200 = 20,000 feet), you'll see that only slight wind changes could move the cloud to almost anywhere over (mainly) southern Europe:
http://www.metoffice....ta/VAG_1273338105.png
Oh nuggets, thank you, now for the bad (or sad) news, that avatar was of me a good few years back!!! but hey, jump into my swimming pool anytime you like, and I love Milk Tray!!!!