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Iceland: by Team 6 Akshay Reynolds Tafari

The document provides information about Iceland, including its geography, environment, history of agriculture and fisheries, and recent economic crisis. Iceland is a sparsely populated country around the size of Virginia with a rugged interior containing mountains, glaciers, volcanoes and waterfalls. Agriculture and fisheries have historically been the main industries, though farming accounted for a smaller percentage of the economy in recent decades. In 2008, Iceland experienced a major financial crisis when its three largest banks failed due to overleveraged positions and weak financial regulation following privatization in the 1990s.

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77 views6 pages

Iceland: by Team 6 Akshay Reynolds Tafari

The document provides information about Iceland, including its geography, environment, history of agriculture and fisheries, and recent economic crisis. Iceland is a sparsely populated country around the size of Virginia with a rugged interior containing mountains, glaciers, volcanoes and waterfalls. Agriculture and fisheries have historically been the main industries, though farming accounted for a smaller percentage of the economy in recent decades. In 2008, Iceland experienced a major financial crisis when its three largest banks failed due to overleveraged positions and weak financial regulation following privatization in the 1990s.

Uploaded by

xcygon
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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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 70-
80% 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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