A Grapevine service announcement Pay attention: The Holuhraun eruption is at it again

Iceland Wins Icesave Case In EFTA Court

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Published January 28, 2013

The court of the European Free Trade Association (EFTA) has ruled that Iceland did not break the law during the Icesave dispute.
Bloomsberg reports the court found that Iceland did not break the law when it denied foreign depositors in Icesave the right to withdraw their funds in 2008.
A statement on the website of the Prime Minister adds that the ruling does not change the fact that the management of the old Landsbanki will continue to pay the UK and Holland for the deposits the two countries covered over four years previous.
“It is cause for celebration that Iceland’s case has prevailed in the Icesave dispute,” the statement reads. “With the ruling of the EFTA court, an important milestone in this long story has been reached.”
When the banks collapsed in October 2008, Landsbanki made a fateful decision: Icelanders were able to withdraw from their deposits, but many – if not most – foreigners could not. The decision, EFTA believed, may have violated international law regarding equal treatment for all depositors in a bank, regardless of country of origin.
Had EFTA court found against Iceland’s favour, it could have paved the way for the UK and Holland to sue Iceland for up to 400 billion ISK (2.3 billion euros) in damages.



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Stormy Weather Is Hurricane Cristobal Petering Out

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The high winds and rain Iceland has been experiencing over the past 36 hours or so are the remains of what was Hurricane Cristobal. Iceland’s mercurial weather caught the attention of science buffs overseas, as Discover Magazine reported late last night that the storm formerly known as Hurrican Cristobal was taking “dead aim” at Iceland. Hurricanes are not common to more northern latitudes. In fact, Cristobal had changed into what is known as a “warm seclusion cyclone” by the time it reached Iceland. This kind of cyclone is characterised by a center of warm, wet air surrounded by cooler air.

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Björk’s Biophilia Film To Premiere In Reykjavík This Week

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Björk’s Biophilia tour went on for almost two years, scoring a huge hit with critics and audiences around the world due to it’s innovative, immersive production. After a long process of trying to fund a definitive concert film of the project, it came right down to the wire, with the final show at London’s cavernous Alexandria Palace becoming the subject of Biophilia Live. BAFTA-award winning editor and filmmaker Nick Fenton, speaking of his experience as co-director, said: “We felt like security guards, in a little booth surrounded by screens and talking to sixteen cameramen and women. You couldn’t feel further

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VIDEO: Holuhraun Best Place For An Eruption

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Holuhraun is the best possible location for an eruption, geophysicist Magnús Tumi Guðmundsson has told RÚV. Although the magma flow from Holuhraun is considerable and steady, Magnús Tumi does not feel it qualifies as a large eruption. New data indicates that approximately 250 cubic metres of magma is spewing out of the fissure each second. According to Magnús Tumi, the current Holuhraun eruption is completely different to the Eyjafjallajökull eruption of 2010. Given that the Holuhraun eruption is entirely above ground and a mainly basalt eruption it is producing no disruptive ash. The Eyjafjalljökull eruption on the other hand was

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Holuhraun Still Going Strong, Could Last All Year

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The Holuhraun eruption, which began again yesterday with magma plumes as high as 60 metres, is going strong and might see out the year, reports RÚV. “The eruption is comparable to the one we saw from Krafla [in 1975],” said volcanologist Ármann Höskuldsson. “At first there was just a tiny eruption then the eruptions got gradually larger as time passed. It’s possible that this event will last until the end of the year, possibly into some of next year as well.” Seismic activity continues at Vatnajökull though none topped 4.9 on the Richter scale yesterday, presumably because the eruption has alleviated some

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Fishing Minister Defends Faroese Snub, Other Icelanders Offer Cake

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The Faroese fishing vessel Næraberg may have been snubbed by authorities, but other Icelanders are helping the beleagured ship in any way they can. RÚV reports that Minister of Fisheries Sigurður Ingi Jóhannsson has called the treatment of the Faroese mackerel fishing vessel Næraberg to be based on “a misunderstanding” on why the snub occurred. As reported, the ship, whose engine was badly in need of repair as it departed from Greenland for home, called upon Icelandic authorities to dock and conduct repairs. However, the crew were informed they could dock in Reykjavík Harbour, but would not be permitted to

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Holuhraun Volcano Erupts Again

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An eruption has commenced at Holuhraun again, replete with magma plumes some 60 metres tall. RÚV reports that an eruption has re-opened at Holuhraun, just north of Vatnjökull, which began in the early morning hours. As can be seen, this is a lava eruption, and plumes of magma are reportedly reaching heights of up to 60 metres. This eruption is at the same location as the one which began last Friday, and continued for a few hours, only this time the eruption is 10 to 20 times bigger, volcanologist Ármann Höskuldsson told reporters. The southernmost point of the eruption begins

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