Iceland - Fishing Traditions and Visitor Experience

Abstract

Fishing and fish processing are central to Iceland's heritage and cultural identity, as well as its economic prosperity. However, a series of events, including the 2008 banking crash and the 2010 Eyjafjallajökull volcanic eruption, saw this small island nation facing a calamitous financial position. The case demonstrates how the entrepreneurial population sought new ways to encourage income growth. In particular, it considers how diversifying away from fishing and fish processing has played a leading role in finding new ways to add value to the overall visitor experience, with the result that tourism has overtaken fishing as Iceland's number one export industry in the last 5 years.