The times ahead will be interesting. Initially, the catastrophe will bring out the best in people. We will all band together as one to pull through. It will be a good time for the arts. Artists will no longer be vying to get support from a bank. People will turn their backs on the froth that has consumed the airwaves for so long, and go for a shot of good, strong coffee. Those with something to say will be listened to, and those with nothing to say will become irrelevant. It is perhaps likely that a whole generation of artists will be swept aside, as those who relied on sponsorship from the banks will go down with them.
The new generation, those who have had their future swept away in front of their eyes through no fault of their own, they will be angry. And it is good for artists to be angry if the situation merits it. When we think of the Great Depression, we think of artists such as John Steinbeck and Woody Guthrie, or in Iceland Halldór Laxness and Þórbergur Þórðarson. But the entertainment that people actually sought at the time was of a different ilk, screwball comedies about nothing, anything to forget. As the general public will start to tire of hearing of the Depression that permeates their lives on a daily basis, they will again look for lighter materials to distract themselves.
The brain drain will be immense. Already, everyone with skills that can be utilised elsewhere is leaving the country, along with many immigrants. Those who remain will be those who have nowhere else to go. The population of Iceland will no doubt drop below the 300.000 figure yet again. On the other hand, there will, finally, be plenty of cheap housing in Reykjavik. For those who can afford it.
The gyms will be empty and the bars will be full. On the upside, people will probably start to have more sex. No more wining and dining, people will move right on to the only entertainment that they can have for free. A lot of people will form relationships, something to cling onto in the dark times ahead. At the same time, a lot of older relationships will disintegrate due to the stress caused by financial worries.
Hopefully, the next generation will learn from the mistakes that have now been committed.