Background: The health effects of air pollution have been the subject of numerous studies in recent years, which have made it possible to quantify the association between the two. The objective of this study is to conduct a Health Impact Assessment (HIA) by calculating the benefits that would be obtained by meeting the targets established by Directive 1999/30/EC regarding particulate matter. Methods: The health impact of air pollution from particulate matter was assessed using two different indicators: black smoke (BS) (Barcelona, Bilbao, Valencia) and particulate matter smaller than 10 μm (PM10) (Bilbao, Madrid, and Seville). The health indicators were all-cause mortality, respiratory-related mortality, and cardiovascular-related mortality, as well as emergency hospital admissions due to respiratory and cardiovascular causes. The EIS was conducted by calculating the fraction attributable to particulate matter pollution. For PM10, the impact was calculated for short-term effects, effects accumulated up to 40 days later, and long-term effects. For HN, only short-term effects were calculated. BACKGROUND: The health effects of air pollution have been analyzed in numerous studies over recent years, making it possible to quantify the relationship between the two. This study aims to analyze the theoretical benefits that would be achieved by meeting the air quality objectives set forth in EC Directive 1999/30/EC regarding particulate matter. METHODS: Exposure measurements were taken for black smoke (Barcelona, Bilbao, Valencia) and particulate matter under 10 micrometers (PM10) (Bilbao, Madrid, and Seville). The health indicators calculated were all-cause mortality and mortality from respiratory and cardiovascular causes, as well as emergency hospital admissions and mortality from respiratory and cardiovascular causes. In the case of PM10, the impact was calculated for both short-term effects—within a period of up to 40 days following exposure—and long-term effects. For black smoke, the effects were calculated only for the short term. RESULTS: Daily PM10 levels exceeding 50 μg/m³ in Bilbao, Madrid, and Seville result in 1.4 premature deaths per 100,000 people per year due to its effects. The effect within a period of up to 40 days following exposure is 2.8 deaths per 100,000. The total number of deaths per year that may result from long-term exposure if the annual average is reduced to 20 μg/m³ is 68 per 100,000. CONCLUSIONS: The health impact of current air pollution levels is quantifiable and is not insignificant. APHEIS and impact assessments may be of assistance in healthcare planning and environmental policy-making.