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Emirates Skywards miles are far less useful than they once were. And their usefulness has just dropped yet again, this time by 15%. Effective May 20, 2026, Emirates premium economy, business class, and first class tickets are more expensive.
Combine these increased rates with worsened transfer ratios and sky-high surcharges on award tickets, and it's becoming increasingly difficult to use Emirates Skywards miles for Emirates-operated flights.
With that said, there's one silver lining in these changes.
Here's what you need to know about the latest Emirates devaluation.
Emirates Devaluation: What’s Changed?
Last week, Emirates added a disclaimer to its Miles Calculator — a helpful tool that shows how much an award flight will cost. Although Emirates doesn't publish an award chart for its own flights, the calculator makes it easy to plan how many miles you might need to transfer to Emirates to book a ticket, assuming there's availability. The disclaimer read:
“From 20 May 2026, there will be changes to the number of Skywards Miles required for selected Classic Rewards and Upgrade Rewards. Updated reward fares and upgrades may take a few days to reflect correctly on the Miles Calculator. Miles quoted at the time of booking are the correct reference while the refresh is in progress.”
Theoretically, the changes could actually be positive. However, we weren't born yesterday, and Emirates has made it somewhat of a habit over the last couple of years to disappoint award travelers. And when you click on “Learn more,” it's now confirmed that the “change” to the number of miles needed is indeed a devaluation:
“We’re updating how you spend Skywards Miles to reflect current travel trends. From 20 May 2026, the number of Miles required for Classic Rewards in First Class, Business Class and Premium Economy as well as Upgrade Rewards will increase.
In Business Class, one‑way Saver Classic Reward fares are being introduced at 50% of the return fare.”
In other words, if you want to book anything other than economy, you'll pay more miles now than you did before. However, that last line is actually a good thing — you can now book one-way Business Saver awards.
Previously, if you booked a one-way business award ticket, you could only select a Business Flex Plus fare. The ability to change or cancel your flight and upgrade to first class after booking is nice, but travelers have long wanted the option to book a one-way Business Saver award, which is far cheaper. Until now, Business Saver awards were only bookable on round-trip itineraries.
Related: My Experience Flying Emirates Business Class: Did It Live Up to the Hype?
Examples of Emirates Devaluations
Here's a quick look at what these changes may look like on a popular fifth-freedom route from New York (EWR) to Athens (ATH):
| Fare class | Old price | New price | Percent change |
|---|---|---|---|
| Economy Saver | 17,500 | 17,500 | Unchanged |
| Economy Flex Plus | 30,000 | 30,000 | Unchanged |
| Business Saver | N/A | 59,000 | N/A |
| Business Flex Plus | 87,000 | 100,000 | +15% |
| Economy Saver to Business upgrade | 82,000 | 90,000 | +10% |
| Economy Flex to Business upgrade | 57,500 | 58,000 | +1% |
| Economy Flex Plus to Business | 39,000 | 45,000 | +15% |
It's great news that we can now book a one-way Business Saver award to Europe for just 59,000 miles. Keep in mind that these round-trip awards used to be just 108,000 miles (so 54,000 miles each way). That's still a 9% increase overall.
These kinds of changes appear to be consistent across all routes.
For instance, to fly from Los Angeles (LAX) to Dubai (DXB), your Economy Flex Plus fare remains the same at 57,500 Skywards miles. If you want to upgrade your ticket, you'll now pay 94,000 miles, which is a 15% increase.
To get a one-way Business Flex Plus award, you will now spend 181,000 miles (another 15% increase). However, you now have the ability to book a one-way Business Saver award for just 109,000 miles — which is an improvement.
We can't label the introduction of one-way Business Class awards as a “decrease” in award pricing, per se. It's just a new fare class added to your list of options. Yes, you can use fewer Skywards miles to book these awards, but they also come with different restrictions than Business Flex Plus awards.
That said, here are a few examples of how many miles you'll spend on Business Saver awards:
- Rio de Janeiro (GIG) to Buenos Aires (EZE): 33,000 miles
- Miami (MIA) to Bogota (BOG): 36,000 miles
- New York City (JFK) to Milan (MXP): 59,000 miles
- Barcelona (BCN) to Mexico City (MEX): 66,000 miles
- Dubai (DXB) to Tokyo (HND): 83,000 miles
If you don't mind the restrictions that come with a Business Saver award, each of these is much more affordable than the old Business Flex Plus awards.
Final Thoughts
Emirates has increased its premium economy, business, and first class award tickets by roughly 15% across its network. It's also more expensive to upgrade a paid ticket to business or first class.
However, it's not all bad news. In an effort to lessen the sting of higher award prices, Emirates has introduced the ability to book a one-way Business Saver ticket, which could save you thousands of Skywards miles in the long run.
That said, you can only upgrade Business Saver award tickets at check-in or on board, so if your goal is to fly in Emirates' first class cabin, you might need to opt for the (now more expensive) Business Flex Plus ticket.
