Iceland
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Iceland By Team 6 Akshay Reynolds Tafari
Why Iceland? • • • • •
Recent Financial Bankruptcy Extensive Infrastructure Vast History Rich Culture Improving IT
In environmental terms, Iceland is unique. •Iceland is a large country (103,000 km², about the same surface area as Ireland or the State of Virginia), but is sparsely populated, •The interior of the country contains stunning contrasts. •It is largely an arctic desert, punctuated with mountains, glaciers, volcanoes and waterfalls. •Most of the vegetation and agricultural areas are in the lowlands close to the coastline. •
•
Agriculture • Natural conditions for farming in Iceland are in many ways harsh. Only about 23% of the country's area has vegetation cover and only 1.3% is cultivated. • Agriculture was the mainstay occupation for centuries and censuses from the mid-19th century show that 7080% of the nation lived from farming then. This proportion decreased as the 20th century wore on and in 2000 there were 4,700 farms, accounting for 5,900 man-years of labour, or 4.9% of total man-years
Fisheries • Fish and fish products constitute more than 50% of Iceland's exports of goods and are thus by far the most important industry. The fishing territory, which is Iceland's main natural resource, requires strict protection, and fish catches are tightly controlled. The main species are: cod, haddock, saithe, redfish, herring and capelin.
Economic Crises • Oct 2008, All 3 big Icelandic Banks fail & nationalizations abound. • Reason For Failure – Pre ‘90sL Icelandic economy previously highly regulated & politicized – 90’s+: financial liberalization with weak supervision – Privatized banks perused highly leveraged positions – Lack of Prudential regulation
Why Iceland? • • • • •
Recent Financial Bankruptcy Extensive Infrastructure Vast History Rich Culture Improving IT
In environmental terms, Iceland is unique. •Iceland is a large country (103,000 km², about the same surface area as Ireland or the State of Virginia), but is sparsely populated, •The interior of the country contains stunning contrasts. •It is largely an arctic desert, punctuated with mountains, glaciers, volcanoes and waterfalls. •Most of the vegetation and agricultural areas are in the lowlands close to the coastline. •
•
Agriculture • Natural conditions for farming in Iceland are in many ways harsh. Only about 23% of the country's area has vegetation cover and only 1.3% is cultivated. • Agriculture was the mainstay occupation for centuries and censuses from the mid-19th century show that 7080% of the nation lived from farming then. This proportion decreased as the 20th century wore on and in 2000 there were 4,700 farms, accounting for 5,900 man-years of labour, or 4.9% of total man-years
Fisheries • Fish and fish products constitute more than 50% of Iceland's exports of goods and are thus by far the most important industry. The fishing territory, which is Iceland's main natural resource, requires strict protection, and fish catches are tightly controlled. The main species are: cod, haddock, saithe, redfish, herring and capelin.
Economic Crises • Oct 2008, All 3 big Icelandic Banks fail & nationalizations abound. • Reason For Failure – Pre ‘90sL Icelandic economy previously highly regulated & politicized – 90’s+: financial liberalization with weak supervision – Privatized banks perused highly leveraged positions – Lack of Prudential regulation
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