Iceland is one of the world’s richest countries, which given the small nation’s climate and history is quite a feat. In the years following World War II, Iceland amassed wealth through the development of a highly profitable fishing industry, which by some estimates still makes up more than two-thirds of its economy.
In the early-1980’s, in an attempt to protect the resource, Iceland instituted quotas on fish catches, leading to a system of distribution which has drained rural areas of their industry and residents.
Gunnar Haraldsson is the directory of the Institute of Economic Studies at the University of Iceland and though he has trouble fully explaining Iceland’s wealth—and sky-high prices—he describes a “rock in the middle of the ocean” which is transitioning from the fishnets of the past to a diverse 21st century economy.
