You could manually adjust the spacing using plt.subplots_adjust(top=0.85)
:
import numpy as np
import matplotlib.pyplot as plt
f = np.random.random(100)
g = np.random.random(100)
fig = plt.figure()
fig.suptitle('Long Suptitle', fontsize=24)
plt.subplot(121)
plt.plot(f)
plt.title('Very Long Title 1', fontsize=20)
plt.subplot(122)
plt.plot(g)
plt.title('Very Long Title 2', fontsize=20)
plt.subplots_adjust(top=0.85)
plt.show()