| Iceland can more be called a volcanic island rather | | | | huge availability of hydro-electric and geothermal |
| than a country and it lies in the northern direction in | | | | electricity allows more than 90 percent of population |
| Atlantic ocean, eastern direction of Greenland and | | | | to get electricity and heating to get some relieve in |
| just south of the arctic circle. Its distance from New | | | | cold and chilly weather of Iceland. The Karahnjukar |
| York is about 4200 kilometers [2600 miles] and 830 | | | | hydroelectric power station is the biggest power |
| kilometers [520 miles] from Scotland. About 79 | | | | station in Iceland supplying more than 690 |
| percent of total land in Iceland is covered by glaciers, | | | | megawatts. The other power stations are station at |
| lakes, mountainous lave deserts and other | | | | Burfell [capacity of 270 megawatts], Hrauneyjarfoss |
| wastelands. Despite of all these unsettling facts | | | | [capacity of 210 megawatts], Sigalda and Blanda [150 |
| standard of living in Iceland is one among the highest | | | | megawatts]. They are also in search of supplying |
| of the world. For many decades, the economy of | | | | electricity to mainland Europe through marine cable. |
| Iceland totally depended on fishing and other jobs | | | | Similarly, aluminum industry is also on the rise in |
| related to it. It is still the major proportion of the | | | | Iceland. Nordural aluminum plant is the largest |
| exports of Iceland; it is around only 10 percent of | | | | aluminum plant which is owned by Century Aluminum |
| gross domestic product. The economy of Iceland is | | | | Company of California. This plant gives employment |
| growing all because of growth of sectors like I.T | | | | to more than 450 people and its production has |
| sector, tourism and banking and finance. | | | | reached to 220000 tons per year. |
| As told earlier, Fishing products are the major | | | | Iceland does not have railway tracks. The process of |
| exported items of Iceland. Other important exported | | | | constructing roads formally began in 1900 A.D and |
| things include aluminum, ferrosilicon alloys, equipments | | | | got speeded up in past ten years or so. The total |
| and electronic items for fishing and the process of | | | | length of roads in Iceland is 13000 kilometers [8125 |
| fishing and pharmaceuticals. Services and areas | | | | miles] and paved roads are 4330 kilometers [2706 |
| related to information technology and life sciences | | | | miles]. These roads connect most of the populated |
| are the fastest growing sectors of Icelandic | | | | centers which are around coastal areas. Regular |
| economy. Major part of things exported from Iceland | | | | flights and ships and ferries connect all the main cities |
| goes to EU [European Union] and EFTA [European | | | | with the capital Reykjavik. |
| Free Trade Association]. These two European | | | | The national airline of Iceland, Icelandair connects this |
| associations are followed by America and Japan. | | | | country to all major European cities and also to North |
| Note, that till now, America is the largest foreign | | | | America. This company is also one of the country |
| investor in Iceland and is also the biggest supplier of | | | | biggest employers. Iceland became the member of |
| services like financial and franchise services, movies/ | | | | EFTA [European Free Trade Association] in 1970 and |
| TV programs, music, tourism etc. The agricultural | | | | signed an agreement with European Union in 1973 |
| sector of Iceland is very subsidized and kept very | | | | which stated that Iceland is also a member of free |
| personal. | | | | trade in European community. |
| Iceland has very less mineral power resources. The | | | | |