12 unexpected facts you probably didn’t know about Iceland

Iceland has long been known as one of the most beautiful places in the world, but over the past few years it has also come to be viewed as a rather unusual hotbed of football talent.

12 unexpected facts you probably didn't know about Iceland
Photo: duha127/Depositphotos

After making history at Euro 2016 by becoming the smallest nation to ever qualify for a major men’s tournament and then winning fans the world over in its remarkable run to the quarterfinals, Iceland’s national team went even further last fall when it clinched a berth in the FIFA World Cup. With just 330,000 inhabitants, Iceland will be the smallest nation by population to ever appear in a World Cup tournament.

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While Iceland’s football team, and its fans’ iconic Viking war clap, have brought newfound attention to this North Atlantic island nation, prowess on the pitch is just one of the many ways Icelanders make an outsized impression on the global stage.

Here are 12 other things that you might not know about Iceland:

1. Its recovery from the financial crisis has been astounding

Iceland was in many ways the poster child for the 2008 global financial crisis. The country’s three largest banks collapsed, investors pulled out of the country, the currency and home prices plummeted and businesses nationwide went bankrupt. But Iceland didn’t simply recover from those depths, it’s now thriving like never before. The gross domestic product increased by a whopping 7.2 percent in 2016, followed by 3.6 percent growth last year and private consumption is at levels not seen since before the crisis.

2. It has the best gender equality in the world

A women's march in Iceland. Photo: Creative Commons

Iceland has topped the World Economic Forum’s Global Gender Gap Index for nine years running. Far from being content to rest on its laurels however, Iceland made history earlier this year when it became the first country in the world to put laws on the books to ensure equal pay.  Under the Equal Pay Standard that took effect on January 1st, companies with at least 25 full-time employees are required to analyze their pay structures for wage gaps and report that information to the government of Katrin Jakobsdottir, Iceland’s second female prime minister.

3. It is a global green energy leader

All of the electricity on Iceland’s transmission grid is produced via renewable hydro- and geothermal energy. The nation’s energy infrastructure is recognized as one of the best in the entire world and Icelandic expertise in geothermal resources is a much sought-after commodity. The international interest in geothermal expertise is no surprise given geothermal energy heats 90 percent of all houses in Iceland and produces nearly a third of all electricity.

4. It is home to an ultra-efficient fishing industry

Iceland has a seafood model that has been dubbed “The Incredible Fish Value Machine”.  The nation’s fisheries have perfected an approach to fishing that nearly eliminates waste while maximizing profits. According to an analysis by the Iceland Ocean Cluster, Icelandic fishing operations utilize at least 80 percent of each cod caught in the North Atlantic, while neighbouring countries make use of just 50 percent of each fish. The head, guts and bones that are thrown into the sea by other fishing nations are turned into profitable by-products by Iceland’s enterprising fisheries, which are aiming for 100 percent cod utilization in the near future.

Photo: DoubleV/Depositphotos

5. It is perfectly situated as a trans-Atlantic transport hub

Reykjavík’s Keflavik International Airport has more daily direct flights to North American destinations than the other Nordic countries’ capital airports combined. Twenty airlines fly to and from Keflavik and the airport’s location in the North Atlantic means that travellers can reach major hubs on the US east coast in 5-7 hours and major European cities in as little as three hours. No wonder this former US military base is expected to see 7 million annual passengers by 2020.

6. It is the coolest location for data centers (in more ways than one)

Iceland’s location isn’t just ideal for flight connections. It also makes the country a perfect place for data centres. Iceland’s cooler climate and previously-mentioned green electricity grid combine to make it the ideal location for large data centres. Throw in Iceland’s low corporate tax rate, skilled workforce and vast high-bandwidth underwater connections to both North America and Europe – with even more trans-Atlantic connections in the works – and you’ve truly got the coolest location for data centres anywhere on Earth.

7. It is about to disrupt the world’s marine industries

Having already established one of the world’s leading prosthetics companies with Össur, Össur Kristinsson has now set out to change the world of boating and shipping. Kristinsson’s ÖK Hull, built by Icelandic company Rafnar, features pioneering hull-and-keel technology that dramatically reduces wave slamming, even at top speeds. Having been shown to reduce slamming by 20 times in independent testing, the ÖK Hull provides better safety, stability and control for work and leisures vessels alike.

8. It is home to the world’s strongest men

There are only 178,980 men in all of Iceland. This makes Hafthor Julius Bjornsson’s feat all the more remarkable. What, you’ve never heard of him? Perhaps you know him better as ‘The Mountain’ from the smash hit TV series Game of Thrones. Earlier this month, Bjornsson topped all comers at the World’s Strongest Man competition. What’s more, this was hardly the first time that an Icelander staked his claim to the title. The Mountain’s countrymen Jón Páll Sigmarsson and Magnús ver Magnússon both won the contest four times.

9. Its language is crazy intimidating – but it doesn’t matter!

If you’ve ever seen a long block of Icelandic text or can recall the cringe-worthy English-language news reports on the 2010 eruption of the Eyjafjallajökull volcano, you’re probably too intimidated to even attempt a simple ‘hæ’. Good news: you don’t have to. English is widely spoken throughout Iceland, particularly in Reykjavík and at the nation’s tourism hotspots. But if you do want to try ‘hæ’, go for it – it sounds exactly like ‘hi’!

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10. Its people are among the best-educated in the world

Iceland may have a small population, but it’s a very educated one. The comprehensive World's Most Literate Nations study declared Iceland the third most literate country in the world and over 40 percent of the population has a tertiary education. Despite its small size, Iceland has eight institutions of higher education that draw hundreds of students from around the world each year to take advantage of the many English-language courses.

11. It is the most peaceful place in the world

Maybe it's the gender equality or the high level of education (or maybe it's all those strong men) but Iceland has topped the Global Peace Index every year since 2008. Indeed, what's so interesting about Iceland's top rank for Societal Safety and Security is that the country is also one of the world's five least militarized countries.

Safest and least militarized? As with so much else about this volcanic gender-equal footballing nation, there's clearly a lot to be learned from Iceland.

Photo: stnazkul/Depositphotos

12. It’s a pioneer in the life sciences sector

Life sciences are thriving in Iceland and there is strong governmental support for research and innovation.

Today, the country is renowned for its work concerning human genetics and cancer research. Among other globally recognised life sciences companies established and based in the small Nordic country is ORF Genetics, a pioneering green biotech company producing growth factors and other recombinant proteins. 

Combining Iceland’s impressive academic network with its modern healthcare system, it’s a hotbed of innovation and one of the world’s most exciting centres for developments within this growing industry.

This article was produced by The Local Creative Studio and sponsored by Invest in Iceland.
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Where are Austria’s big international companies located?

Austria's most prominent international companies are involved in banking, insurance, and construction projects worldwide, many but are they all found in Vienna?

Where are Austria's big international companies located?

Here’s where each of the ten largest companies in Austria, by revenue generated last year, are located, both within Vienna and outside of the capital.

One of Central and Eastern Europe’s biggest insurance firms, the Vienna Insurance Group is headquartered in the capital. Their main offices are directly north of the Innere Stadt on Schottenring, close to the Rossau district.

A fellow insurance firm, the Uniqa Group, is located close by. Owning over fifteen significant insurance providers across Europe, they are market leaders alongside Vienna Insurance Group. Their headquarters can be found in the eponymous Uniqa Tower, on Ferdinandstraße close to the Karmeliterviertel.

Erste Group, one of the continent’s biggest providers of financial services, was founded just over two hundred years ago in Leopoldstadt, a suburb adjoining Vienna’s centre to the east. Today, the group is headquartered in the Erste Campus, less than a five-minute walk from Vienna’s central train station.

Founded in the fifties, OMV is the country’s largest oil and gas company. The company owns three European refineries, including one at Schwechat in Lower Austria, near the capital. The company is based in the Hoch Zwei building in the Second District, near the banks of the Danube.

Construction company Strabag, responsible for massive infrastructure projects across Europe and South East Asia, is located across the Danube from OMW, near the Austria Centre and the expansive Donaupark.

Banking giant Raiffeisen International is headquartered in the Weissgerberviertel, north of Vienna’s city centre. Other divisions, including their software development teams, are based throughout the city centre.

Construction company Porr Group, which has many subsidiaries in Austria and involvement in significant railway building projects throughout Europe, has headquarters in Vienna’s south, five kilometres away, in the Favoriten district.

Verbund AG, Austria’s largest energy provider, can also be found outside Vienna’s centre. It is based to the south-west, close to the Mariahilf district and the city’s Westbahnhof, or western train station.

Steel and technology group Voestalpine is located away from Vienna in Linz, Upper Austria, roughly equidistant between Salzburg and Vienna. The company’s headquarters can be found between the Spallerhof district and the Industriegebeit, or industrial area.

Finally, international metals and technology firm Andritz AG is also based outside Vienna, in Graz in Styria. Their headquarters is some distance from the city centre, in the district which gave the company its name: Graz-Andritz.