From Iceland — Blue Lagoon Reports €22 Million Profit In 2019 Amid Mass COVID-19 Layoffs

Blue Lagoon Reports €22 Million Profit In 2019 Amid Mass COVID-19 Layoffs

Published June 29, 2020

Photo by
Art Bicnick

The Blue Lagoon 2019 revenue totalled € 125 million, yielding a €22 million profit, Fréttablaðið reports.

The Blue Lagoon manages the world-famous tourist attraction along with several connected shops, restaurants and hotels. At the end of 2019 its assets totalled €79.5 million. Last year’s profits were only slightly down from the company’s 2018 €26.4 million yield.

This news comes following several rounds of mass layoffs at the company earlier this year. As reported, 164 employees were laid off in March. A further 400 workers were put on the government’s reduced work compensation scheme.

The resort was forced to close at the peak of Iceland’s COVID-19 outbreak, but re-opened on June 19th. No dividends will be paid to shareholders for the year 2019 and losses are expected this year. The company is employing operational measures to protect the company from future shocks in the case of a second wave of infections.

Note: Due to the effect the Coronavirus is having on tourism in Iceland, it’s become increasingly difficult for the Grapevine to survive. If you enjoy our content and want to help the Grapevine’s journalists do things like eat and pay rent, please consider joining our High Five Club.

You can also support us by checking out our shop, loaded with books, apparel and other cool merch, that you can buy and have delivered right to your door.

Support The Reykjavík Grapevine!
Buy subscriptions, t-shirts and more from our shop right here!

Show Me More!