In a number of years the Icelandic economy has been booming, too, known in financial circles as the Icelandic geyser economy. The geyser economy has been clearly visible for tourists as well as the inhabitants of Iceland: Lots of new big cars and housing development in the luxury class out of proportions to the limited population of around 250.000 Icelanders.

The Icelandic geyser economy has been built on huge investments in other countries, like Great Britain and Denmark funded by enormous loans from Icelandic banks and others.

The Icelandic krona has dropped dramatically in value and the country Iceland has been near to be bankrupt, see ‘Iceland is all but officially bankrupt’ and

What an Economic Collapse Looks Like: The Icelandic Crash Visualized

These economic difficulties for the people of Iceland are at the same time an opportunity for foreigners to sign up for a cheap summer vacation in Iceland. I guess you will never forget an island vacation in Iceland.

In fact Iceland is much nearer to North America than most people imagine and Iceland can be reached in a few hours from many big cities, see the Official travel guide to Iceland
You will find an interactive map of Iceland here

And a few facts about Iceland from Lonely Planet here.

Please add your comments and experience from visiting Iceland by going here.