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We present a detailed spectral analysis of the recent 1.5\,Ms XMM-Newtonobserving campaign on the narrow line Seyfert 1 galaxy IRAS~13224$-$3809, takensimultaneously with 500\,ks of NuSTAR data. The X-ray lightcurve shows threeflux peaks, registering at about 100 times the minimum flux seen during thecampaign, and rapid variability with a time scale of kiloseconds. The spectraare well fit with a primary powerlaw continuum, two relativistic-blurredreflection components from the inner accretion disk with very high ironabundance, and a simple blackbody-shaped model for the remaining soft excess.The spectral variability is dominated by the power law continuum from a coronaregion within a few gravitational radii from the black hole. Additionally,blueshifted Ne \textsc{x}, Mg \textsc{xii}, Si \textsc{xiv} and S \textsc{xvi}absorption lines are identified in the stacked low-flux spectrum, confirmingthe presence of a highly ionized outflow with velocity up to $v= 0.267$ and$0.225$\,c. We fit the absorption features with \texttt{xstar} models and finda relatively constant velocity outflow through the whole observation. Finally,we replace the \texttt{bbody} and supersolar abundance reflection models byfitting the soft excess successfully with the extended reflection model\texttt{relxillD}, which allows for higher densities than the standard\texttt{relxill} model. This returns a disk electron density $n_{\rme}>10^{18.7}$\,cm$^{-3}$ and lowers the iron abundance from $Z_{\rmFe}=24^{+3}_{-4}Z_\odot$ with $n_{\rm e}\equiv10^{15}$\,cm$^{-3}$ to $Z_{\rmFe}=6.6^{+0.8}_{-2.1}Z_\odot$.

The 1.5 Ms Observing Campaign on IRAS 13224-3809: X-ray Spectral Analysis I