Category: Iceland

Iceland (Lýðveldið ísland) is an island country, in northern Europe, bounded by the arctic circle. There are 344 thousand residents (2018). In Iceland, literacy, longevity and social cohesion are at the forefront of world standards. The capital is Reykjavík. Iceland was colonized by Norwegian and Celtic immigrants (Scots and Irish) during the 9th and 10th centuries. Before that time the island was visited by Irish monks. Around 870, the Norwegian Ingólfur Arnarson established a farm in Reykjavík, the current capital. The country has the oldest functioning legislative assembly in the world, Althing, established in 930. After more than 300 years of autonomy, Iceland is now governed by Norway and Denmark. In 1875, the eruption of the Askja volcano caused widespread famine and devastated the Icelandic economy. Over the next quarter-century, 20% of the island’s population emigrated, mainly to Canada and the USA. Denmark granted limited autonomy to Iceland in 1874 and full independence in 1944. The second half of the 20th century saw Icelandic economic growth, driven mainly by the fishing industry. The country’s economy diversified long after the country joined the European Union in 1994, but Iceland was particularly hit by the global financial crisis in the years after 2008.