This is a tribute to Iceland, a very spectacular country. Iceland
is a Nordic island country marking the juncture between the North
Atlantic and Arctic Oceans, on the Mid-Atlantic Ridge. The country
has a population of 321,857 and a total area of 103,000 km2 (40,000
sq mi), which makes it the most sparsely populated country in
Europe. The capital and largest city is Reykjavik, with the
surrounding areas in the southwestern region of the country being
home to two-thirds of the country's population. Reykjavik is the
most northern capital in the world. Iceland is volcanically and
geologically active. The interior consists mainly of a plateau
characterised by sand and lava fields, mountains and glaciers,
while many glacial rivers flow to the sea through the lowlands.
Iceland is warmed by the Gulf Stream and has a temperate climate
despite a high latitude just outside the Arctic Circle. According
to Landnamabok, the settlement of Iceland began in AD 874 when the
chieftain Ingolfr Arnarson became the first permanent Norse settler
on the island. Others had visited the island earlier and stayed
over winter. During the following centuries, Norsemen settled
Iceland, bringing with them thralls of Gaelic origin. From 1262 to
1918, Iceland was part of the Norwegian and later the Danish
monarchies. The country became independent in 1918 and a republic
was declared in 1944. Until the 20th century, the Icelanders relied
largely on fishing and agriculture, and the country was one of the
least developed in the region. Industrialisation of the fisheries
and aid through the United States' Marshall Plan following World
War II brought prosperity and, by the 1990s, Iceland had developed
as one of the wealthiest and most developed nations in the world.
In 1994, Iceland became party to the European Economic Area, which
supported diversification of the economy into economic and
financial services. Iceland has a free-market economy with
relatively low corporate taxes compared to other OECD countries. It
maintains a Nordic social welfare system that provides universal
health care and tertiary education for its citizens. In 2013, it
was ranked as the 13th most-developed country in the world by the
United Nations' Human Development Index. In 2008, the nation's
entire banking system systemically failed, affected by the
worldwide crisis. This resulted in substantial political unrest. In
the wake of the crisis, Iceland instituted "capital controls" that
made it impossible for many foreigners to get their money out of
the country. Though designed to be temporary, the controls remain
and are among the biggest hurdles for attracting international
investment in the Icelandic economy. Iceland ranks high in economic
and political stability, though it is still in the process of
recovering from the crisis. Gender equality is highly valued in
Iceland. In the Global Gender Gap Report 2012, Iceland holds the
top spot for the least gap, closely followed by Finland, Norway and
Sweden. Icelandic culture is founded upon the nation's Norse
heritage. Most Icelanders are descendants of Norse and Gaelic
settlers. Icelandic, a North Germanic language, is descended from
Old Norse and is closely related to Faroese and some West Norwegian
dialects. The country's cultural heritage includes traditional
Icelandic cuisine, poetry, and the medieval Icelanders' sagas.
Among NATO members, Iceland has the smallest population and is the
only one with no standing army. Its lightly armed Coast Guard is in
charge of its defences.
General
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