{"id":1731,"date":"2022-06-15T18:26:00","date_gmt":"2022-06-15T17:26:00","guid":{"rendered":"https:\/\/rethinkq.adp.com\/?p=1731"},"modified":"2024-09-03T16:04:01","modified_gmt":"2024-09-03T15:04:01","slug":"money-matters-iceland","status":"publish","type":"post","link":"https:\/\/rethinkq.adp.com\/money-matters-iceland\/","title":{"rendered":"Iceland, from boom to bust to tourist hotspot"},"content":{"rendered":"\n<header class=\"entry-header bg-adp-tan block--article-header alignfull block--article-header\" >\n\n  \n\n<figure class=\"wp-block-image size-full entry--image\"><img decoding=\"async\" width=\"1920\" height=\"1050\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash.jpg\" alt=\"Image description: Aerial view of Reykjavik, the capital of Iceland, including its leafy suburbs and Hallgr\u00edmskirkja, a tall Lutheran church. End of alt text.\" class=\"wp-image-1732\" srcset=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash.jpg 1920w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash-300x164.jpg 300w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash-1024x560.jpg 1024w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash-768x420.jpg 768w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash-1536x840.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/unsplash.com\/@evelynparis?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noreferrer noopener\">Evelyn Paris<\/a> \/ <a href=\"https:\/\/unsplash.com\/?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noreferrer noopener\">Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<div class=\"wp-block-group entry--title-wrapper\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><div class=\"entry--social-share\">\n  <ul>\n    <li><a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/rethinkq.adp.com\/money-matters-iceland\/&#038;t=Iceland, from boom to bust to tourist hotspot\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/facebook.svg\" alt=\"Facebook logo - click to share this article on Facebook\"><\/a><\/li>\n    <li><a href=\"http:\/\/twitter.com\/share?text=Iceland, from boom to bust to tourist hotspot&#038;url=https:\/\/rethinkq.adp.com\/money-matters-iceland\/\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/twitter.svg\" alt=\"Twitter logo - click to share this article on Twitter\"><\/a><\/li>\n    <li><a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https%3A%2F%2Frethinkq.adp.com%2Fmoney-matters-iceland%2F\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/themes\/rethink-quarterly\/img\/linkedin.svg\" alt=\"LinkedIn logo - click to share this article on Facebook\"><\/a><\/li>\n  <\/ul>\n<\/div>\n\n            <a class=\"entry--tag tag-style\" href=\"https:\/\/rethinkq.adp.com\/money-matters\/\">Money matters in<\/a>\n\n        \n  <h1 class=\"entry-title\">Iceland, from boom to bust to tourist hotspot<\/h1>\n\n\n<p class=\"is-style-summary-style\">Iceland reinvented itself as a major travel destination after the 2008 financial crisis. Will it experience a similar post-pandemic boom?<\/p>\n<\/div><\/div>\n\n\n  <div class=\"entry--meta content-width\">\n           <p class=\"authors\">By\n                        <a href=\"https:\/\/rethinkq.adp.com\/author\/jenna-gottlieb\/\">Jenna Gottlieb<\/a>\n\n             \n         \n     <\/p>\n    \n  \n  <p>15 June 2022  <span class=\"desktop-only\">\u2014<\/span> <a href=\"https:\/\/rethinkq.adp.com\/issue-5-out-of-office\/\">Issue 5: Out of Office<\/a> \n  <\/div><!-- .entry-meta -->\n\n<\/header><!-- .entry-header -->\n\t<div class=\"entry-content content-width\">\n\n\n\n<p>In the early 2000s, Iceland\u2019s economy was riding high, as its three banks \u2014 Landsbanki, Kaup\u00feing and Glitnir \u2014 had extensive international operations and attracted money from across the globe. Cash was flowing in and out at an unprecedented rate, and by the end of 2007, the country\u2019s three banks held assets that were more than 10 times the size of Iceland\u2019s GDP. Facilitated by favorable international credit, the banks\u2019 gross foreign debt rose from the equivalent of 43% of GDP in 2002 to over 700% of GDP by the end of September 2008.<\/p>\n\n\n\n<p class=\"is-style-default\">Everything changed in the fall of 2008. In the United States, Lehman Brothers declared bankruptcy in the largest filing ever, an opening move that helped usher in the Great Recession. Iceland\u2019s over-leveraged banks brought the country to its knees.&nbsp;<\/p>\n\n\n<div class=\"block--sidebar bg-adp-purple alignright\"><div class=\"block--sidebar__inner\">\n\n<h2 class=\"wp-block-heading\">Everything about Iceland<\/h2>\n\n\n\n<ul id=\"block-da83b45a-c4dc-4b08-9dad-06559b73f751\" class=\"wp-block-list\">\n<li>Population: 371,580 in 2021<\/li>\n\n\n\n<li>Total workforce: 213,413\u00a0<\/li>\n\n\n\n<li>Capital: Reykjav\u00edk, pop. 134,000\u00a0<\/li>\n\n\n\n<li>Land size: 102,775 sq km<\/li>\n\n\n\n<li>Official language: Icelandic<\/li>\n\n\n\n<li>Currency: Icelandic krona (ISK)<\/li>\n\n\n\n<li>Affiliations: NATO, Schengen Area, EEA, WTO, IMF, COE, OSCE<\/li>\n\n\n\n<li>GDP: $23.5 billion in 2021<\/li>\n\n\n\n<li>GDP per capita: $55,213<\/li>\n<\/ul>\n\n<\/div><\/div>\n\n\n<p>With a dramatic drop in the value of the Icelandic krona, 80% of the Iceland Stock Exchange was wiped out overnight. Every second business in Iceland went bankrupt, and the unemployment rate skyrocketed. In a matter of three days, 97% of Iceland\u2019s banking sector had collapsed. Fear quickly turned to anger in the capital city of&nbsp;Reykjav\u00edk, and locals protested outside Iceland\u2019s parliament. They were the largest protests in the country\u2019s history. Thousands of Icelanders banged kitchenware outside parliament for weeks, which led to the events being known as the \u201cPots and Pans Revolution.\u201d&nbsp;<\/p>\n\n\n\n<p>In December 2008, Iceland had to be bailed out by the International Monetary Fund, and its citizens had to grapple with staggering debts, lost jobs and foreclosed homes. They were dark times for Iceland. By November 2008, the unemployment rate had tripled, and more than 6,000 people in a country of about 372,000 had lost their homes.&nbsp;<\/p>\n\n\n\n<p>And then on the heels of that financial devastation, another catastrophe hit. In April 2010, the Eyjafjallaj\u00f6kull volcano erupted in southern Iceland, shutting down air travel in much of Europe for six days. The eruption left more than 10 million travelers stranded across more than 20 countries. Footage of the enormous ash cloud dominated the global news for days.<\/p>\n\n\n\n<p>Although the eruption compounded an already difficult situation, these two disasters had created fertile ground for a new beginning.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" width=\"1707\" height=\"2560\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/tom-podmore-u2J6Ncn6EU8-unsplash-scaled.jpg\" alt=\"Image description: A black-sand beach, filled with tourists taking photographs, leads to a cave beneath a large, moss-covered cliff in Iceland. End of alt text. \" class=\"wp-image-1733\" style=\"width:1707px;height:2560px\" srcset=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/tom-podmore-u2J6Ncn6EU8-unsplash-scaled.jpg 1707w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/tom-podmore-u2J6Ncn6EU8-unsplash-200x300.jpg 200w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/tom-podmore-u2J6Ncn6EU8-unsplash-683x1024.jpg 683w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/tom-podmore-u2J6Ncn6EU8-unsplash-768x1152.jpg 768w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/tom-podmore-u2J6Ncn6EU8-unsplash-1024x1536.jpg 1024w, https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/tom-podmore-u2J6Ncn6EU8-unsplash-1365x2048.jpg 1365w\" sizes=\"(max-width: 1707px) 100vw, 1707px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/unsplash.com\/@tompodmore86?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noreferrer noopener\">Tom Podmore<\/a> \/<a href=\"https:\/\/unsplash.com\/?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" target=\"_blank\" rel=\"noreferrer noopener\"> Unsplash<\/a><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">The turnaround<\/h2>\n\n\n\n<p>With Iceland suddenly on people\u2019s radars around the world, international travelers became interested in the scenic island and the weak krona, and budget airlines like WOW Air and Easyjet began serving Iceland\u2019s international airport. Visitors seeking a holiday on a budget helped Iceland recover from the crash.&nbsp;<\/p>\n\n\n\n<p>\u201cThe eruption brought awareness to the public,\u201d says Sigr\u00ed\u00f0ur D\u00f6gg Gu\u00f0mundsd\u00f3ttir, the head of Visit Iceland. \u201cTourism was extremely important to get us back on our feet after the crash, and it grew into our biggest export industry.\u201d<\/p>\n\n\n\n<p>The tourism sector has taken off, with a 328% yearly increase in foreign visitors between 2010 and 2019. In 2011, the tourism sector constituted 3.7% of Iceland\u2019s GDP; in 2019 it was 8%. As for the labor market, tourism is vital for job creation as more tourists have led to an increase in hotels, restaurants and companies offering tours. According to Statistics Iceland, there were 30,000 tourism-related jobs in Iceland in 2018, compared to 15,700 jobs in 2010.<\/p>\n\n\n\n<p>\u201cMost people say nature is the biggest draw, but Iceland is also known because the number of activities and tours has grown,\u201d Sigr\u00ed\u00f0ur says. \u201cIceland tourism has become a strong industry with quality hotels and restaurants, activities and, of course, nature.\u201d<\/p>\n\n\n\n<p>Tourists began pouring into Iceland as airlines saw the business opportunity and it became measurably easier to visit. \u201cWe saw an increase in flights to Iceland from more airlines, and that made Iceland more accessible,\u201d Sigr\u00ed\u00f0ur says. \u201cIn Iceland, we had WOW Air offering budget flights to cities in the U.S. and Europe until 2019, and now we have PLAY Airlines offering budget flights.\u201d For summer 2022, an anticipated 25 airlines will operate flights to Iceland, including local carriers Icelandair and PLAY, as well as Delta, United, British Airways and SAS.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The demographics of tourists has changed as well. \u201cBefore the crash, most tourists came from the U.K., then the U.S., China and Denmark,\u201d Sigr\u00ed\u00f0ur says. \u201cIn 2019, the majority of tourists came from the U.S., followed by U.K., Germany and China.\u201d<\/p>\n\n\n\n<p>Iceland\u2019s profile also rose as it became a popular setting for movies and TV shows \u2014&nbsp; which wasn\u2019t a fluke. After the financial crash, the Icelandic government introduced tax incentives for movie and TV productions shot in Iceland, with TV and movie producers able to get back 25% of their production costs.<\/p>\n\n\n\n<p>And so Iceland took center stage in films including \u201cPrometheus\u201d (2012), \u201cThe Secret Life of Walter Mitty\u201d (2013), \u201cOblivion\u201d (2013), \u201cInterstellar\u201d (2014), and \u201cFast &amp; Furious 8\u201d (2017). The TV show \u201cGame of Thrones\u201d filmed in Iceland several times throughout the series. Diehard fans are eager to visit filming locations, and tour operators are ready to show them sites like \u00deingvellir National Park in the south and Lake M\u00fdvatn in the north.&nbsp;<\/p>\n\n\n\n<p>\u201cWhen we ask people why they came to Iceland, 35% say they saw Iceland in a film or TV show,\u201d Sigr\u00ed\u00f0ur says. \u201cSocial media also helps marketing as Icelandic nature is popular material for social media apps like Instagram.\u201d&nbsp;<\/p>\n\n\n\n<p>Tourism was a business driver in Iceland for nearly 10 years, and the country enjoyed a very low unemployment rate. But then the Covid-19 pandemic hit. As a small country dependent on tourists, Iceland experienced severe and immediate economic pain.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Navigating Covid-19&nbsp;<\/h2>\n\n\n\n<p>Leading up to the Covid-19 pandemic, tourism had been Iceland\u2019s largest export for several years. According to data from the Iceland Chamber of Commerce, the sector\u2019s growth peaked in 2017, when tourism accounted for 41.5% of the country\u2019s total exports. After the Covid-19 crisis, it accounted for only 11.2% in 2020. With Iceland\u2019s most significant economic sector hurt, overall exports contracted by 30.5% in 2020.<\/p>\n\n\n\n<div class=\"wp-block-group alignwide\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Iceland\u2019s tourism economy<\/h2>\n\n\n\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/9287076\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\n<\/div><\/div>\n\n\n\n<p>Nearly one-third of the country\u2019s tourism industry jobs disappeared by the end of 2020, down from 30,000 in 2018 to 21,000 in 2020. However, the Icelandic government took steps to minimize the pain for tourism companies. In March 2021, Iceland became the first country in the Schengen area to open to all vaccinated travelers. \u201cWe are fortunate that the government has been supportive during Covid,\u201d Sigr\u00ed\u00f0ur says. \u201cWe opened to vaccinated tourists early, and we also offered testing at the border, and while the number of tourists was understandably low, these measures helped.\u201d<\/p>\n\n\n\n<p>The government also offered loans and wage schemes to tourism companies to keep as many people employed as possible and prevent bankruptcies. But Iceland\u2019s GDP still took a hit during the pandemic. Activities related to travel bookings, air transport, accommodation and restaurants decreased by between 50% and 75% compared to 2019.&nbsp;<\/p>\n\n\n\n<p>The road to recovery has been slow, but the labor market situation in Iceland has improved. The government projects that the unemployment rate will sink to 4.3% in 2022, close to pre-pandemic levels.<\/p>\n\n\n\n<div class=\"wp-block-group alignwide\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\">Iceland\u2019s unemployment rate<\/h2>\n\n\n\n<div class=\"flourish-embed flourish-chart\" data-src=\"visualisation\/9287645\"><script src=\"https:\/\/public.flourish.studio\/resources\/embed.js\"><\/script><\/div>\n<\/div><\/div>\n\n\n\n<p>\u201cWe are just 370,000 people on the island, which is about half the geographical size of the U.K.,\u201d Sigr\u00ed\u00f0ur says. \u201cIt is a challenge to maintain a good level of service, and tourism demand has helped us build, improve and deliver quality. This is important to Iceland\u2019s economy.\u201d<\/p>\n\n\n\n<p>It should also be noted that Iceland has had some luck recently with volcanic eruptions. Just as people were fascinated by the 2010 Eyjafjallaj\u00f6kull eruption, at the height of Covid-19 in March 2021, Fagradalsfjall erupted, spewing rivers of lava in a remote area of the Reykjanes peninsula. Dubbed a \u201ctourist eruption\u201d as it posed no danger to local residents, thousands of Icelanders flocked to the site to watch the power and beauty of nature. Tourists were also eager to visit, and the volcano produced free marketing for six months as Fagradsalsfjall put on a show until September 2021, when it went dormant.&nbsp;<\/p>\n\n\n\n<p>Iceland lifted all Covid-19 entry restrictions in March 2022, welcoming both vaccinated and unvaccinated visitors, and tourism executives have high hopes for a strong&nbsp;summer season. \u201cWe\u2019re not out of the woods yet as tourism companies are in debt and more workers are needed,\u201d Sigr\u00ed\u00f0ur says. \u201cBut summer bookings are looking good, and we are cautiously optimistic.\u201d<\/p>\n\n\n<div class=\"block--sidebar bg-adp-purple\"><div class=\"block--sidebar__inner\">\n\n<h2 class=\"wp-block-heading\">Payroll in Iceland<\/h2>\n\n\n\n<p>Iceland residents are liable for tax payments in Iceland on their worldwide income. Non-resident individuals staying temporarily in Iceland are subject to national income tax on money earned by employment there. The corporate income tax rate in Iceland is 20%. Payroll is administered monthly.<\/p>\n\n\n\n<p><strong>Income tax rate:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Up to ISK 4.2 million: 31.45% income tax<\/li>\n\n\n\n<li>ISK 4.2 million to 11.8 million: 37.95% income tax<\/li>\n\n\n\n<li>More than ISK 11.8 million: 46.25% income tax<\/li>\n<\/ul>\n\n\n\n<p><strong>Social security<\/strong>: Employees contribute 4% of their wages, and employers contribute 11.5%. Social security includes pensions, health insurance and disability insurance.&nbsp;<\/p>\n\n\n\n<p><strong>Holidays:<\/strong> The Icelandic unions negotiate paid leave. The minimum holiday time is 24 days per year.<\/p>\n\n\n\n<p><strong>Sources<\/strong>: <a href=\"https:\/\/www.chamber.is\/\">Iceland Chamber of Commerce<\/a>, <a href=\"http:\/\/www.statice.is\/\">Statistics Iceland<\/a>, <a href=\"https:\/\/taxsummaries.pwc.com\/\">PwC Worldwide Tax Summaries<\/a><\/p>\n\n<\/div><\/div>\n\n<div class=\"block--author\">      <div class=\"block-author__inner\">\n        <div class=\"author--image\">\n                      <a href=\"https:\/\/rethinkq.adp.com\/author\/jenna-gottlieb\/\"><img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/01\/profile_jenna-gottlieb-298x305.jpg\" alt=\"\" \/><\/a>\n                  <\/div>\n        <div class=\"author--info\">\n                      <a href=\"https:\/\/rethinkq.adp.com\/author\/jenna-gottlieb\/\" class=\"author--name\">Jenna Gottlieb<\/a>\n\n          \n          <p><span style=\"font-weight: 400;\">Based in Iceland, <\/span><a href=\"https:\/\/jennakgottlieb.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Jenna Gottlieb<\/span><\/a><span style=\"font-weight: 400;\"> is a freelance journalist and Iceland guidebook author. She has written for publications including the Associated Press, CNN Travel and Quartz. Before moving to Iceland in 2012, she worked in New York on the staffs of Pensions &amp; Investments, American Banker and Private Equity International. Jenna is the author of the Moon Iceland guidebook, published by Hachette; the 3rd edition was published May 2020.<\/span><\/p>\n          <div class=\"block--author-social\"><ul class=\"author--socials\"><li><a href=\"https:\/\/jennakgottlieb.com\/\" title=\"Author Website\" target=\"_blank\"><i class=\"fas fa-globe\"><\/i><\/a><\/li><\/ul><\/div>\n        <\/div>\n      <\/div>\n       <\/div>\n\n<div class=\"block--recommended-content alignwide is-style-bg-adp-tan\"><div class=\"block-recommended-content__inner\">\n\n<h2 class=\"wp-block-heading\">Read more<\/h2>\n\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/money-matters-mauritius-africa\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2024\/06\/view-across-port-louis-the-capital-of-mauritius-FW9XHT-1084x576.jpg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">Mauritius: Africa\u2019s beach paradise turned financial hub<\/span>\n          <p>This small island has leveraged its strategic location and highly educated workforce to become an entry point to mainland Africa.<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/check-kebabs-naples-filza\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/01\/05-2-1084x576.jpg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">Cashier check \u2018kebabs\u2019 sum up Naples\u2019 financial history<\/span>\n          <p>This Italian port city was a business hub for centuries, and all its dealings were documented on slips of paper strung up like meat. <\/p>        <\/div>\n      <\/a><\/div> <\/div>\n\n<div class=\"block--article-pushpoint pushpoint__small\">      <div class=\"block-article-pushpoint__inner\">\n        <a href=\"https:\/\/rethinkq.adp.com\/payroll-france-complicated\/\">\n        <div class=\"pushpoint--image\">\n          <img decoding=\"async\" src=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/12\/2J56R1T-1-1-1084x576.jpg\" alt=\"\" \/>\n        <\/div>\n        <div class=\"pushpoint--info\">\n                    <span class=\"pushpoint--title\">Why payroll in France is so complicated<\/span>\n          <p>Libert\u00e9, \u00e9galit\u00e9 \u2026 complexit\u00e9? France\u2019s robust social security system means payroll departments have a lot of accounting to do. \n<\/p>        <\/div>\n      <\/a><\/div> <\/div>\n<\/div><\/div>\n\n\n<section class=\"wp-block-group alignfull section--sign-up has-background\" style=\"background-color:#7967ae\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<p class=\"has-text-align-center is-style-default has-white-color has-text-color has-large-font-size\"><a href=\"\/sign-up\/\">Sign up<\/a> to keep up to date with ReThink Q.<\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>Iceland reinvented itself as a major travel destination after the 2008 financial crisis. Will it experience a similar post-pandemic boom?<\/p>\n","protected":false},"author":1,"featured_media":1732,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[3],"tags":[185,193,54,212,205],"coauthors":[151],"class_list":["post-1731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-matters","tag-europe","tag-iceland","tag-money-matters-in","tag-tourism","tag-travel","issue-issue-5-out-of-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Iceland, from boom to bust to tourist hotspot - ADP ReThink Q<\/title>\n<meta name=\"description\" content=\"Iceland reinvented itself as a major travel destination after the 2008 financial crisis. Will it experience a similar post-pandemic boom?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iceland, from boom to bust to tourist hotspot - ADP ReThink Q\" \/>\n<meta property=\"og:description\" content=\"Iceland reinvented itself as a major travel destination after the 2008 financial crisis. Will it experience a similar post-pandemic boom?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/\" \/>\n<meta property=\"og:site_name\" content=\"ADP ReThink Q\" \/>\n<meta property=\"article:publisher\" content=\"Jenna Gottlieb\" \/>\n<meta property=\"article:author\" content=\"https:\/\/rachel.codes\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-15T17:26:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-03T15:04:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1050\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jenna Gottlieb\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@rachelcodes\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jenna Gottlieb\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/\",\"url\":\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/\",\"name\":\"Iceland, from boom to bust to tourist hotspot - ADP ReThink Q\",\"isPartOf\":{\"@id\":\"https:\/\/rethinkq.adp.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash.jpg\",\"datePublished\":\"2022-06-15T17:26:00+00:00\",\"dateModified\":\"2024-09-03T15:04:01+00:00\",\"author\":{\"@id\":\"https:\/\/rethinkq.adp.com\/#\/schema\/person\/d0bb4ba3a0a65edfadebf728bbb547c1\"},\"description\":\"Iceland reinvented itself as a major travel destination after the 2008 financial crisis. Will it experience a similar post-pandemic boom?\",\"breadcrumb\":{\"@id\":\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/#primaryimage\",\"url\":\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash.jpg\",\"contentUrl\":\"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash.jpg\",\"width\":1920,\"height\":1050},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/rethinkq.adp.com\/money-matters-iceland\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/rethinkq.adp.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Iceland, from boom to bust to tourist hotspot\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/rethinkq.adp.com\/#website\",\"url\":\"https:\/\/rethinkq.adp.com\/\",\"name\":\"ADP ReThink Q\",\"description\":\"Telling the human stories of payroll\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/rethinkq.adp.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/rethinkq.adp.com\/#\/schema\/person\/d0bb4ba3a0a65edfadebf728bbb547c1\",\"name\":\"rachel\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/rethinkq.adp.com\/#\/schema\/person\/image\/699e6af4e3ba3b377022a080054acf94\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8d89326a4b2185513249eaef9cb80ada89d65cf61b43b9868fcfa1be0f69530f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8d89326a4b2185513249eaef9cb80ada89d65cf61b43b9868fcfa1be0f69530f?s=96&d=mm&r=g\",\"caption\":\"rachel\"},\"sameAs\":[\"https:\/\/rethinkq.adp.com\",\"https:\/\/rachel.codes\",\"https:\/\/x.com\/rachelcodes\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Iceland, from boom to bust to tourist hotspot - ADP ReThink Q","description":"Iceland reinvented itself as a major travel destination after the 2008 financial crisis. Will it experience a similar post-pandemic boom?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/rethinkq.adp.com\/money-matters-iceland\/","og_locale":"en_US","og_type":"article","og_title":"Iceland, from boom to bust to tourist hotspot - ADP ReThink Q","og_description":"Iceland reinvented itself as a major travel destination after the 2008 financial crisis. Will it experience a similar post-pandemic boom?","og_url":"https:\/\/rethinkq.adp.com\/money-matters-iceland\/","og_site_name":"ADP ReThink Q","article_publisher":"Jenna Gottlieb","article_author":"https:\/\/rachel.codes","article_published_time":"2022-06-15T17:26:00+00:00","article_modified_time":"2024-09-03T15:04:01+00:00","og_image":[{"width":1920,"height":1050,"url":"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash.jpg","type":"image\/jpeg"}],"author":"Jenna Gottlieb","twitter_card":"summary_large_image","twitter_creator":"@rachelcodes","twitter_misc":{"Written by":"Jenna Gottlieb","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/rethinkq.adp.com\/money-matters-iceland\/","url":"https:\/\/rethinkq.adp.com\/money-matters-iceland\/","name":"Iceland, from boom to bust to tourist hotspot - ADP ReThink Q","isPartOf":{"@id":"https:\/\/rethinkq.adp.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/rethinkq.adp.com\/money-matters-iceland\/#primaryimage"},"image":{"@id":"https:\/\/rethinkq.adp.com\/money-matters-iceland\/#primaryimage"},"thumbnailUrl":"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash.jpg","datePublished":"2022-06-15T17:26:00+00:00","dateModified":"2024-09-03T15:04:01+00:00","author":{"@id":"https:\/\/rethinkq.adp.com\/#\/schema\/person\/d0bb4ba3a0a65edfadebf728bbb547c1"},"description":"Iceland reinvented itself as a major travel destination after the 2008 financial crisis. Will it experience a similar post-pandemic boom?","breadcrumb":{"@id":"https:\/\/rethinkq.adp.com\/money-matters-iceland\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/rethinkq.adp.com\/money-matters-iceland\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/rethinkq.adp.com\/money-matters-iceland\/#primaryimage","url":"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash.jpg","contentUrl":"https:\/\/rethinkq.adp.com\/wp-content\/uploads\/2022\/04\/einar-h-reynis-oLZzZhjMIBw-unsplash.jpg","width":1920,"height":1050},{"@type":"BreadcrumbList","@id":"https:\/\/rethinkq.adp.com\/money-matters-iceland\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/rethinkq.adp.com\/"},{"@type":"ListItem","position":2,"name":"Iceland, from boom to bust to tourist hotspot"}]},{"@type":"WebSite","@id":"https:\/\/rethinkq.adp.com\/#website","url":"https:\/\/rethinkq.adp.com\/","name":"ADP ReThink Q","description":"Telling the human stories of payroll","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/rethinkq.adp.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/rethinkq.adp.com\/#\/schema\/person\/d0bb4ba3a0a65edfadebf728bbb547c1","name":"rachel","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/rethinkq.adp.com\/#\/schema\/person\/image\/699e6af4e3ba3b377022a080054acf94","url":"https:\/\/secure.gravatar.com\/avatar\/8d89326a4b2185513249eaef9cb80ada89d65cf61b43b9868fcfa1be0f69530f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8d89326a4b2185513249eaef9cb80ada89d65cf61b43b9868fcfa1be0f69530f?s=96&d=mm&r=g","caption":"rachel"},"sameAs":["https:\/\/rethinkq.adp.com","https:\/\/rachel.codes","https:\/\/x.com\/rachelcodes"]}]}},"_links":{"self":[{"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/posts\/1731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/comments?post=1731"}],"version-history":[{"count":0,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/posts\/1731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/media\/1732"}],"wp:attachment":[{"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/media?parent=1731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/categories?post=1731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/tags?post=1731"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/rethinkq.adp.com\/wp-json\/wp\/v2\/coauthors?post=1731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}