Europe / Caspian / CIS

Iceland flag
Summary | Profile

Country profile: Iceland

Location: Northern Europe, island between the Greenland Sea and the North Atlantic Ocean, northwest of the UK
Climate: temperate; moderated by North Atlantic Current; mild, windy winters; damp, cool summers
Terrain: mostly plateau interspersed with mountain peaks, icefields; coast deeply indented by bays and fiords
Size: 103000 sq. km total (Land area: 100250 sq. km  Water area: 2750
Population: 304,367 (July 2008 est.)
Languages: Icelandic, English, Nordic languages, German widely spoken
Government: constitutional republic
Capital city: Reykjavik
Legal system: civil law system based on Danish law; has not accepted compulsory ICJ jurisdiction
Currency: Icelandic krona (ISK)

Country profile

Settled by Norwegian and Celtic (Scottish and Irish) immigrants during the late 9th and 10th centuries A.D., Iceland boasts the world's oldest functioning legislative assembly, the Althing, established in 930. Independent for over 300 years, Iceland was subsequently ruled by Norway and Denmark. Fallout from the Askja volcano of 1875 devastated the Icelandic economy and caused widespread famine.

Over the next quarter century, 20% of the island's population emigrated, mostly to Canada and the US. Limited home rule from Denmark was granted in 1874 and complete independence attained in 1944. Literacy, longevity, income, and social cohesion are first-rate by world standards.

Energy production and consumption

Oil Gas
Consumption: 18,460 bbl/day (2005 est.)  
Imports: 17,450 bbl/day (2005 est.)  
Reserves: NaN   
Major fields:

Iceland - recent news

09 Jan 24
Iceland: Danish propeller systems save fuel and CO2 on historic sailing ships in Iceland
Icelandic North Sailing, in collaboration with the University of Iceland, has shown impressive results in improving fuel consumption and CO2 emissions by retrofitting modern propeller systems on historic sailing ships.
04 Apr 23
Iceland: ATOME Energy signs term sheet and Letter of Intent for up to 60MW of power
AIM-listed ATOME Energy, the only international green hydrogen and ammonia production company on the London Stock Exchange, with current large-scale projects in Latin America and Europe, as well as hydrogen mobility projects, has announced material developments on its Icelandic business.

Iceland - more news

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