Global Crisis Hit Iceland Especially Hard, New Report Says - The Reykjavik Grapevine

Global Crisis Hit Iceland Especially Hard, New Report Says

Published December 16, 2010

The newly-published Global Wage Report shows what many Icelanders have long-known – that in context with the rest of the world, the global financial crisis struck Icelanders harder than many other countries.
It was noted, for example, that the purchasing power of wages dropped by 13% between the beginning of 2008 and the end of 2009. Meanwhile, in other European countries, wages held relatively steady or decreased only slightly, when working hours and purchasing power were taken into account.
In the meantime, unemployment figures in Iceland have been steadily but only incrementally decreasing. In December of 2009, unemployment was at 8.2%, and had increased from November 2009’s 8%. November 2010’s figures put unemployment at 7.7%.
The Icelandic government has been trying to bandage the damage, through measures aimed at families. For example, requirements to qualify for financial help will soon be lowered, to make it easier for people to receive assistance, and the government intends to make it easier to choose the “110% way”, wherein a household’s total debt is reduced to 110% of their property’s current value.
The report in full can be read here.
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