Energy Resource: Geothermal Energy

Geographically, Iceland lies on top of one of earth’s major fault lines (the Mid-Atlantic Ridge), at a part where deep mantle material rises up and creates a spot for extreme volcanic activity. Naturally, Iceland contains many volcanoes and hot springs, with more than 200 volcanoes located within the active volcanic zone and over 30 having erupted since the nation’s first settlements. With such high levels of volcanism, there are more than a dozen high-temperature areas containing fields with underground temperatures of up to 250 degrees Celsius.

Iceland is unique in its source of natural energy as over 87% of all of the nation’s buildings are powered purely by geothermal heating for heating and hot water purposes. This astonishingly cost-efficient natural gift is due to the geological location of Iceland — it is located over a rift in the continental plates, which means that there is a high concentration of volcanoes that generate geothermal energy, heat, and oftentimes electricity. Interesting fact: during winter many sidewalks in Iceland’s capitol city Reykjavik are heated up from this geothermal energy. Geothermal energy is extracted via five major geothermal power plants, producing around 30% of Iceland’s total electricity.

Freshwater Resource: World’s 4^th Water-wealthiest Nation)

During my trip to Iceland, one of the first things that I noticed was the high quality of the tap water (it was void of that icky “tap water” taste), which the locals told me was barely treated. Indeed, around 6% of Iceland’s total land area is covered in freshwater lakes and rivers. Therefore, freshwater supplies are ample and rivers that flow from highlands to the sea have potential for hydropower. Freshwater is mainly fed by glacier ice melting, and due to global warming, the amount of ice melting per unit area is constantly increasing and may soon surpass the broad maximum.

Economic Resource: Fisheries

Iceland is abundant in its fishing grounds in the North Atlantic Ocean and fishing comprises a major part of Iceland’s economy. Specifically, fish makes up for 40% of Iceland’s export revenues, and helps employ 7% of the workforce. The country owns up to 200 nautical miles of fishing grounds and fought several wars with the United Kingdom on fishing rights. They also take great care to ensure responsible fishing practices and sustainable care for the marine ecosystem. Iceland is probably one of the only few countries in the world where you can try fermented shark meat; let me tell you this now, it was very foul and not delicious at all!