Tourists in Iceland in winter

Black Labor on Rise in Tourism Industry

Unreported economic activity seems to be on the rise in Iceland’s tourism industry, according to the Confederation of Icelandic Employers (SA). SA found that tax revenue from the tourism industry is not in line with the increase in tourists to Iceland.

Money - Icelandic Króna

Economist: Icelandic Króna “Only Benefits Politicians”

“We all know that the Icelandic króna is not to the benefit of the Icelandic population. It actually benefits politicians and public officials. They can maintain central control of the system,” said Heiðar Már Guðjónsson, economist and head of the board of directors of Vodafone, in an interview...

Google logo

BREAKING: Google Signs Deal with Iceland

Google, the third most valuable company in the U.S., is heading to Iceland. The company’s CEO met with President of Iceland Ólafur Ragnar Grímsson a short time ago to sign an agreement for the relocation of the company’s headquarters to Northeast Iceland.

Russians Biggest Spenders in Iceland

Russian tourists to Iceland spend more money than tourists from any other country. The average Russian tourist visiting Iceland spends 250 percent more than the second-placed Norwegian tourist, according to a new report from Landsbanki. The report was prepared for the bank’s conference about the...

Bjarni Benediktsson and Sigmundur Davíð Gunnlaugsson

Homeowners Can Apply for Debt Cancelation in May

The government announced that it hopes that it will be able to open a web portal for applications for debt cancelation as of May 15. Finance Minister Bjarni Benediktsson announced the news on RÚV yesterday.

Money - Icelandic Króna

Auroracoin Airdrop in Iceland Tonight

Over 10 million auroracoins—Iceland’s new national e-currency—will be made available to citizens of Iceland in a so-called Airdrop at midnight tonight. Each citizen’s share of auroracoin is currently worth around USD 380.

Oscar Pistorius

Icelandic Prosthetics Company Drops Pistorius

Icelandic prosthetics company Össur has decided not to renew its advertising contract with 27-year-old South African sprinter Oscar Pistorius, who uses blades manufactured by the company, in light of the charges he faces for the murder of his girlfriend Reeva Steenkamp.

Saltkjöt og baunir

IKEA Raises Price of Salted Meat and Beans

IKEA raised the price of saltkjöt og baunir (salted meat and bean stew), traditionally eaten on Shrove Tuesday in Iceland, by 500 percent this year. The day is known as Sprengidagur (‘Bursting Day’).


Mutton and Milk Most Important in Iceland

According to the preliminary results from Statistics Iceland for 2013, the total production value of Iceland’s agricultural sector increased by 4.3 percent and was ISK 61.5 billion (USD 535 million, EUR 393 million).


Two Thirds of ‘Whale Beer’ Sold

Three thousand five hundred liters, or two thirds, of the Hvalur beer produced by whaling company Hvalur ehf. and Steðji brewery has sold. The beer has caused controversy as it contains ground whale bones.