British Airways’ sister airline, Vueling, now flies directly from Malta to Barcelona, Madrid and (from June 2014) Rome. It currently has a sale on, with 1,000,000 flights “from €29.99” one way.
I have had a good look at flights from Malta, and while there’s nothing at €29.99, there are a number of Rome to Malta and Barcelona to Malta flights at €39.99. Unfortunately, the cheapest outward legs (i.e. from Malta) are a little more expensive at just over €50, but you can still get a sub €100 return on the basic (hand luggage only) fare.
The “sale” supposedly ends on 15 January, but given that there’s nothing at €29.99, it’s debatable whether the current fares are in fact specifically reduced “sale” fares, or just the ongoing low fares of a budget airline. I would imagine the €39.99 fare may rise a bit after 15 January, but not necessarily.
Points-wise, you will earn “punto” points on Vueling. You can also earn Avios, but only if you book the substantially more expensive Optimum or Excellence fare.
Finally, before you get too excited by Vueling’s prices, Ryanair is offering flights at €60 return when it resumes flights from Malta to Barcelona in April (e.g. Sat 5 April – Tues 8 April comes in at €59.98).