Iceland will be free of carbon emissions and using 100% renewable energy by 2050,” he said. “I’ve seen a huge rise in fuel costs, and fertilizer,” he adds, “The economy needs major restructuring.”Iceland currently feeling the aftershock of the global economic crunch, last year began importing workers from countries such as Chile and Poland, which caused unemployment to rise by 7 to 8%. Due to a tough economy even the countries banks went bankrupt. Runolfson said, “The country continues to struggle with sky rocketing fuel prices and budget cuts for the important soil conservation projects.” He adds, “But we do see positive signs and indications that the economy will start to get better.” The public is determined to fight through the crises even if they lost their life savings. “Never the less people are struggling with changes and these are unfavorable times trading abroad.” Runolfsson said from his office in Gunnarsholt, Hella, Iceland. He said that many citizens want to develop new Aluminum plants and thermo power stations throughout the country.
But due to tight budgets and important environmental issues are on stand-by. Iceland recently put in an application to join the E.U., but now they wait to see whether or not the country will be approved. In order to unite the European Union, Iceland needs to meet economic and political criteria such as, a stable democratic government. Runolfsson believes that there are a lot of benefits from joining the European Union such as, progress in the import and export sectors of the country, particularly in marine products and aluminum. But there has been much fear that the E.U. fishing fleet will exploit our fishing grounds. He said, “Our overall growth is in the agricultural and marine industries are important to the development of the country and our devoted conservation efforts.” “This crunch brings great changes, and opportunity, to improve the economy as an official institution running as a state,” he said. “An increase in tourism will help pump money back into the economy.” Fuel tax regulations were implemented by the government for energy efficient cars to be more widely used and encouraging more public transport.
“On the other hand, carbon sequestration in soil and vegetation and research in that field are extremely important to help reach the 15% mark of reduction in emissions by the year 2020,” Runolfson said. Since, negotiations were established with the International Monetary Fund and European countries, such as, Norway, Germany and Russia have indicated that they are willing to assist Iceland with an economic bailout package.
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