Founded as Air Zarco on 25 August 1993, the company adopted the trade name Air Madeira until 17 May 2000, when the Memorandum of Association was altered by deed, and the name of EuroAtlantic Airways - Transportes Aéreos S.A. was adopted.
In 2009, EuroAtlantic Airways signed a deal to operate 2 Boeing 777-200ER on behalf of Biman Bangladesh Airlines. The airline is owned by Quanlux (Luxembourg) (45%), Tomaz Julio Teixeira Metello (25%), Anglotel (Luxembourg) (20%) and Danielle Chadrin Metello (10%) and has 239 employees (at March 2007).
EuroAtlantic was known for owning the last operated Lockheed L-1011 in Europe. The Lockheed L-1011 was formally owned by Air Zarco and was built in February 1983 and was obtained by EuroAtlantic in June 2000, but was stored in March 2010 in Amman.
On May 16, 2014, Air Canada announced that it had contracted EuroAtlantic to operate two Boeing 767-300ER (CS-TFS [14C, 272Y], CS-TFT [12C, 273Y]) on three international routes (Madrid, Lima, Bogotá) for a period of six weeks (July 1 - August 6, 2014) until the Canadian airline's new Boeing 787 Dreamliner was integrated into the summer flight schedule. This was due to delays in the delivery of the new Dreamliners. 
On 16 July 2012, Sunwing 221, a Boeing 767-300 leased by Sunwing Airlines piloted by Portuguese pilots of EuroAtlantic Airways, lost contact with ATCs at Moncton ACC while entering Canadian airspace. CF-18 jets from CFB Bagotville were scrambled by NORAD to intercept the jet, intercepting near Quebec City. When interrogated by the RCAF pilots, the jetliner pilots revealed they had forgotten to change frequencies as requested by Gander ATC, to enable contact with Montreal Centre.  The intercept was revealed to cost $90,000, and said to reveal lack of professionalism by the EuroAtlantic pilots.