We present an analysis of the Hubble Space Telescope Cosmic Origins Spectrograph spectrum of IZw1 aiming to probe the absorbing medium associated with the active galactic nucleus (AGN). We fitted the emission spectrum and performed spectral analysis of the identified absorption features to derive the corresponding ionic column densities and covering fractions of the associated outflows. We employed photoionisation modelling to constrain the total column density and the ionisation parameter of four detected kinematic components. By investigating the implications of the results together with the observed kinematic properties of both emission and absorption features, we derived constraints on the structure and geometry of the absorbing medium in the AGN environment. We find and characterise absorption line systems from outflowing ionised gas in four distinct kinematic components, located at -60, -280, -1950, and -2900km/s with respect to the source rest frame. While the two slower outflows are consistent with a full covering of the underlying radiation source, the well-constrained doublet line ratios of the faster two, higher column density, outflows suggest partial covering, with a covering fraction of C_f_~0.4. The faster outflows show also line-locking in the N V doublet, a signature of acceleration via line absorption. This makes IZw1 possibly the closest object that shows evidence for hosting line-driven winds. The observed -1950km/s absorption is likely due to the same gas as an X-ray warm absorber. Furthermore, the behaviour in UV and X-ray bands implies that this outflow has a clumpy structure. We find that the highly asymmetric broad emission lines in IZw1, indicative of a collimated, outflowing broad line region, are covered by the absorbing gas. Finally, the strongest UV--X-ray absorber may be connected to some of the blueshifted line emission, indicative of a more spatially extended structure of this ionised medium.