The Icelandic government devotes less money per university student than the average amount spent in other countries in the Organisation for Economic Co-operation and Development (OECD).
Ari Krisitnn Jónsson, a rector at the University of Reykjavík, says that budget cuts made to the education system have limited possibilities for young people to improve their quality of life, RÚV reports. In more exact figures, Iceland pays out only 75% of the OECD average per university student, and only 58% of the Scandinavian average. These figures are derived from an OECD report from 2008.
Ari adds furthermore that cuts made to his university have been greater than cuts made to any other university in the country. Other countries that Iceland compares itself to have done their best to protect their education system in times of economic crisis, he said, because the research centres of a nation’s universities produce results that lead to a higher quality of life for everyone.