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Should Iceland Join The EU? YES - 27.3% ; NO - 57.6%

Tyler Durden's picture





 

There was one, just one, country that escaped the bankster Mutually Assured Destruction singularity force field in 2009 and after destroying the financial overhang and starting from scratch, has become a paragon of growth in the New Global Depressionary Normal. Iceland (profiled most recently here). As such, what Iceland says is signal, and what the legacy masters of the abovementioned New Normal repeat day after day, is recurring noise. Here is the signal: when Icelanders were asked if they should join the EU, this is what they responded:

  • YES - 27.3%
  • NO - 57.6%

Q.E.D.

Source

 


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Mon, 11/12/2012 - 11:20 | Link to Comment Precious
Precious's picture

... and quickly, before it melts.  - Al Gore

Mon, 11/12/2012 - 11:21 | Link to Comment GetZeeGold
GetZeeGold's picture

 

.....and it's gone.

Mon, 11/12/2012 - 11:26 | Link to Comment francis_sawyer
francis_sawyer's picture

Just like with the elections, I was forced to 'write in' a candidate because HELL NO wasn't on the ballot...

Mon, 11/12/2012 - 11:35 | Link to Comment redpill
redpill's picture

Apparently there's 27% who breathed in a bit too much ash from eyjafjallajökull

Mon, 11/12/2012 - 11:45 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

What about the 15.1% who (I guess) voted maybe/maybe not/sorry, too busy texting/what day is it/which one is 'the voice'?

<Cus 27.3% and 57.6% don't add up.> 

Mon, 11/12/2012 - 12:06 | Link to Comment redpill
redpill's picture

Maybe they were too busy laughing at the question to answer?  That would be my response.

Mon, 11/12/2012 - 12:12 | Link to Comment economics9698
economics9698's picture

I bet they voted by hand and did not use touch screen voting.

Mon, 11/12/2012 - 14:12 | Link to Comment macholatte
macholatte's picture

 

Maybe they used US voting machines provided by a Soros subsidiary. The NO votes became YES for 27%..... just like what happend on Nov 6.

Mon, 11/12/2012 - 13:03 | Link to Comment Coke and Hookers
Coke and Hookers's picture

Liberals. They are always around 30% of any given population.

Mon, 11/12/2012 - 15:46 | Link to Comment NidStyles
Mon, 11/12/2012 - 11:22 | Link to Comment vast-dom
vast-dom's picture

surprising so many said YES.

Tue, 11/13/2012 - 15:09 | Link to Comment e-recep
e-recep's picture

fools exist in iceland, too, just like everywhere else. learning from history is a gift, not everyone has it.

Mon, 11/12/2012 - 11:46 | Link to Comment Lets_Eat_Ben
Lets_Eat_Ben's picture

fuck me up the ass hard twice, shame on me.

Mon, 11/12/2012 - 11:56 | Link to Comment Pairadimes
Pairadimes's picture

...or flips over. - Hank Johnson

Mon, 11/12/2012 - 12:42 | Link to Comment Joe moneybags
Joe moneybags's picture

The E.U. would be smart to join Iceland, not the other way around.

Mon, 11/12/2012 - 11:21 | Link to Comment holdbuysell
holdbuysell's picture

What are the 27.3% thinking!?

Mon, 11/12/2012 - 11:22 | Link to Comment GetZeeGold
GetZeeGold's picture

 

Same thing the 47% are thinking.

Mon, 11/12/2012 - 11:33 | Link to Comment vast-dom
vast-dom's picture

i think in Iceland the 47% is really the 27%. put another way, it's still disconcerting: 1 out of every 2 want to be in the Euro???¿¿??? maybe they have like a Nokia ObamaPhone equivalent they're jonzing for.....

Mon, 11/12/2012 - 11:37 | Link to Comment Gene Parmesan
Gene Parmesan's picture

27% of the folks in Iceland are foaming-at-the-mouth globalists whose ideological slavery blinds them to the obvious realities of the world around them.

Good for Iceland for having such a small number of the fools.

Mon, 11/12/2012 - 11:40 | Link to Comment vast-dom
vast-dom's picture

watch Max Keiser discussing capital controls and the artificial world with Icelandic Krona being a trapped currency:

 

http://www.youtube.com/watch?v=d5vowdygIPU&feature=player_embedded

 

 

Mon, 11/12/2012 - 11:58 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

 

 

The Icelandic situation may be a result of neo liberal investment ideology where the goverment cannot spend money into existence to increase internal productive capacity.

Indeed the only reason why you should get into external debt is to increase internal productive capacity , the Irish (banks) got into external debt to give non productive assets (houses) to people so that they could earn a yield from external real capital rundown (North sea oil mainly)

They have cheap electricity in Iceland
Why not build a tram to link the burbs of Reykjavik ?

en.wikipedia.org/wiki/Greater_Reykjavík

Its a no brainer – they spend so much of their income on diesel for their 4 * 4s just to go to the shop rather then their second home out in the icelandic wilderness.

They should follow Bergens example
http://www.youtube.com/watch?v=2KM9csmpYtA

 

 

  1. Diesel oil demand has not recovered from its highs
    omrpublic.iea.org/demand/ic_dl_ov.pdf

    People are not driving their 4*4s on the icelandic plateau anymore I guess
    Just to the shop and diesel for the trawlers……..

    Although maybe this metric shows people are staying in their second homes again.
    omrpublic.iea.org/demand/ic_ho_ov.pdf

 

 

 

 

Mon, 11/12/2012 - 12:07 | Link to Comment Harbanger
Harbanger's picture

I'm not sure they have such a small number of fools.  That's 27% with the Eurozone disintergrating right in front of their eyes. 

Mon, 11/12/2012 - 11:24 | Link to Comment nobusiness
nobusiness's picture

Smart people

Mon, 11/12/2012 - 11:25 | Link to Comment DaddyO
DaddyO's picture

 

There, Tyler fixed it for you...

DaddyO

edit: You edited just as I posted...

Mon, 11/12/2012 - 11:23 | Link to Comment Frastric
Frastric's picture

These figures are muddled... So are the Icelandic people in favour or not of joining the EU?

Edit: Figures are consistant now!

Mon, 11/12/2012 - 11:23 | Link to Comment Inthemix96
Inthemix96's picture

You fucked the bankers once my Icelandic friends.

Dont let the scum have another go for fucks sake.  Tell them to fuck off, and then burn them, after hanging and gutting them like.

Mon, 11/12/2012 - 11:39 | Link to Comment _ConanTheLibert...
_ConanTheLibertarian_'s picture

Better, throw them in the Eyjafjallajökull

Mon, 11/12/2012 - 11:48 | Link to Comment Doubleguns
Doubleguns's picture

Please no. Last trip to Iceland we chipped some glacier ice from there and used it in toasts of Hennesy. I would not want that ice polluted with corpses.

Mon, 11/12/2012 - 11:52 | Link to Comment Inthemix96
Inthemix96's picture

No doubleguns,

Gutting then burning is fine with me, saves money fron the state, see?

Mon, 11/12/2012 - 11:23 | Link to Comment orca
orca's picture

Icelandic bankers are worldclass.

Mon, 11/12/2012 - 11:24 | Link to Comment No Euros please...
No Euros please we&#039;re British's picture

Ask not, what we can do for Iceland, but what Iceland can do for us.

 

Mon, 11/12/2012 - 12:01 | Link to Comment DaveyJones
DaveyJones's picture

They've done quite a bit, it's up to us now to do more than watch

Instead, I read this WSJ headline today (might as well repeat it every fortnight)

"The SEC doesn't intend to charge any individuals in its planned enforcement action against JP Morgan for the allegedly fraudulent sale of mortgage bonds, though the bank will pay a significant fine."

Allegedly? Normally you do not enforce or pay a significant fine for nothing more than an allegation. That said, I wonder what percentage of this scheme's profit is relative to their "punishment?"

I'm so tired of this shit 

Mon, 11/12/2012 - 11:24 | Link to Comment JustPrintMoreDuh
JustPrintMoreDuh's picture

Viva Iceland!

Mon, 11/12/2012 - 11:24 | Link to Comment Azannoth
Azannoth's picture

It's really surprising how many said yes, considering Icelands experience

Mon, 11/12/2012 - 11:25 | Link to Comment A Lunatic
A Lunatic's picture

So how did the remaining 73% vote?

 

 

Mon, 11/12/2012 - 11:40 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

?

The 27% comes from their Irish / Scottish stock of females that they brought over during the settlement phase.

 

www.youtube.com/watch?v=Nrmcxa1yBec

 

The Faroe islands is a interesting island experiment.......

http://en.wikipedia.org/wiki/Faroe_Islands

 

As explicitly asserted by both Rome treaties, the Faroe Islands are not part of the European Union. Moreover, a protocol to the treaty of accession of Denmark to the European Communities stipulates that Danish nationals residing in the Faroe Islands are not to be considered as Danish nationals within the meaning of the treaties. Hence, Danish people living in the Faroes are notcitizens of the European Union (although other EU nationals living there remain EU citizens). The Faroes are not covered by the Schengen free movement agreement, but there are no border checks when travelling between the Faroes and any Schengen country. (The Faroes have been part of the Nordic Passport Union since 1966, and since 2001 there have been no border checks between the Nordic countries and the rest of the Schengen area as part of the Schengen agreement.)[7]

Mon, 11/12/2012 - 11:26 | Link to Comment adr
adr's picture

I think we allow New England, including NYC, to join the EU. California can join ASEAN and go begging China for bailout money.

America's problem solved.

Mon, 11/12/2012 - 15:23 | Link to Comment ultraticum
ultraticum's picture

I'm sure the EU would love the New England socialists . . . . but the ASEAN wouldn't touch Kalifornia with a 10 foot pole (unless all the Kalifornia idiots were shipped to communes in New England).  There, problem solved again!

Mon, 11/12/2012 - 11:27 | Link to Comment Inthemix96
Inthemix96's picture

On the other conspiratorial hand mind.

How many of our yiddish friends occupy more than their fair share of power over 300,000 people?

Can anyone riddle me this?  This smells of either the kikes or the politicians.  Anyway, tell them to fuck off Iceland, and for fucks sake, dont end up like us.  Burn the fuckers if need be.

Mon, 11/12/2012 - 11:40 | Link to Comment Inthemix96
Inthemix96's picture

Oh dear........

I do believe I may have upset someone on this here thread.  I dont know but it may be a closet hebe?

Ring a bell anyone???

Mon, 11/12/2012 - 11:28 | Link to Comment Bay of Pigs
Bay of Pigs's picture

Thats 85%, what do the other 15% want to do?

Drink vodka?

Mon, 11/12/2012 - 11:30 | Link to Comment Ljoot
Ljoot's picture

Hell yeah if it's Reyka!

Mon, 11/12/2012 - 11:28 | Link to Comment francis_sawyer
francis_sawyer's picture

So ~ 27 out of every 100 Icelanders are jew bankers... Whocoodanode?

Mon, 11/12/2012 - 11:28 | Link to Comment tonyt78
tonyt78's picture

Go Iceland!

Mon, 11/12/2012 - 12:22 | Link to Comment NoDebt
NoDebt's picture

My short list of countries to move to when it gets too bad here just grew by one.

Wasn't sure the bankers would let Iceland get away with throwing them the middle finger, but it looks like they did.  No big whoop.  World didn't end for them.  They aren't shut out of international credit markets, either. 

Am I about to say that we should take inspiration from Iceland?  Well, let's not go too far here.  That's just crazy talk.

Mon, 11/12/2012 - 14:37 | Link to Comment JimBowie1958
JimBowie1958's picture

Dont worry, the EU will just have the ICelanders vote on joining the EU over and over till they get it 'right'.

Mon, 11/12/2012 - 11:29 | Link to Comment thedrickster
thedrickster's picture

LOL, I love Vikings.

The 27.3%,,,,well.....I blame Diebold.

Mon, 11/12/2012 - 11:34 | Link to Comment Winston Churchill
Winston Churchill's picture

Repeat,repeat, until you get the answer you want.

SOP in the EU.

Mon, 11/12/2012 - 12:04 | Link to Comment moonman
moonman's picture

Its like a school budget vote on Long Island

Mon, 11/12/2012 - 14:10 | Link to Comment thedrickster
thedrickster's picture

Sounds a bit like Ireland, was Lisbon rejected 2 or 3 times before being crammed down their throats?

 

Mon, 11/12/2012 - 11:29 | Link to Comment PUD
PUD's picture

You won't approve but in the end, the only salvation for human kind is the removal of all barriers and all nationalistic competition. The planet is too small for vested interests all seeking the high ground at someone elses expense. This is fact, the idea of devaluations, superior religions, politic, economies etc is a doomed philosophy

Mon, 11/12/2012 - 11:50 | Link to Comment Vince Clortho
Vince Clortho's picture

Yes, the 99% Debt slaves must be ruled by the 1% Elite Banker Central Planners.

Insightful and stimulating post.  Must read again.

Mon, 11/12/2012 - 11:32 | Link to Comment PaperBear
PaperBear's picture

The people of the nations already in the European Union don't get a referendum on staying in or leaving, that would just be silly.

Mon, 11/12/2012 - 11:44 | Link to Comment machineh
machineh's picture

'The people of the states already in the Union don't get a referendum on staying in or leaving, that would just be silly.'

-- A. Lincoln, 1860

Mon, 11/12/2012 - 11:33 | Link to Comment spooz
spooz's picture

Yeah, join the EU so the austerity police can take over your economy.

Mon, 11/12/2012 - 11:34 | Link to Comment Abraxas
Abraxas's picture

I think Iceland should definitelly join EU, borrow as much money from the ECB, IMF and WTO as possible, and then refuse to pay back. They are the only ones with the balls to pull it off.

Mon, 11/12/2012 - 11:39 | Link to Comment Wolferl
Wolferl's picture

That´s actually a pretty good result for the EU after 4 years of a ongoing financial crisis in Europe. I guess in a few years time the Icelanders will join the EU/ the Euro.

Mon, 11/12/2012 - 11:35 | Link to Comment orangedrinkandchips
orangedrinkandchips's picture

One can only hope that was a rhetorical question.....you had me for a second there! lol...

 

 

Mon, 11/12/2012 - 11:35 | Link to Comment Totentänzerlied
Totentänzerlied's picture

Fully 27.3% of Iceland is traitorous subhuman parasitic filth unfit to breathe the same air as free people. They should be deported to a more agreeable clime and likeminded host population ... Greece.

Mon, 11/12/2012 - 11:37 | Link to Comment buzzsaw99
buzzsaw99's picture

War with Iceland in 3, 2,

Mon, 11/12/2012 - 11:43 | Link to Comment Darth Mul
Darth Mul's picture

Mmm.... maybe too peripheral and small.

 

Apropos of little, Ireland might be doing some of the right things in re the banks.

 

They've also sacked up to talk about... talking about... getting an EU ban on products made in the West Bank {by the settlers}.

 

You want to see some real, honest to goodness racist hate - check out the comments section in any related story in the Jerusalem Post or indeed most Israeli papers.

 

Honestly, opened my eyes - here, a country with a history of being colonized and ethnically cleansed {from Ulster} is suggesting products Israelis make in occupied lands should be boycotted, and many Israelis immediately cry that only "antisemitism" is at work.

Where we are is Orwelltown - noting Israeli/Jewish violence, illegality and hate only means... wait for it... you're an 'antisemite.'

 

But I think it may be that the most racist folks on earth are the Israelis.  Maybe that's unsurprising given the whole 'God says we're special' thing...

 

 

 

Mon, 11/12/2012 - 11:51 | Link to Comment machineh
machineh's picture

'You want to see some real, honest to goodness racist hate - check out the comments section in any related story in the Jerusalem Post or indeed most Israeli papers.'

There's a special strain of anti-U.S. contempt in those Israeli comment threads, for obvious reasons.

Living in a rich OECD country, Israelis know it's shameful to cadge $3 billion a year in unmerited U.S. charity. But still they grub those dirty dollars, whilst cursing their unwilling, co-opted benefactors.

Mon, 11/12/2012 - 11:38 | Link to Comment Dr. Engali
Dr. Engali's picture

The other 15% don't know what they want.

Mon, 11/12/2012 - 11:37 | Link to Comment Darth Mul
Darth Mul's picture

I'll be refreshing Krugmanbearpig's blog today, awaiting his missive in re how 27.3% of Icelanders are poo poo heads and Republicans.

 

The future is debt repudiation, but in the context of a clever new model where only the central banks can fractionally create.   A whole new kind of slavery.

And you can bet most people won't object.  They'll be too worried about Lloyd Blankfein turning their implanted chip off.

 

 

 

Mon, 11/12/2012 - 11:39 | Link to Comment madcows
madcows's picture

Why, so Germany can get the Greeks to mooch off someone else?

Mon, 11/12/2012 - 11:41 | Link to Comment AnAnonymous
AnAnonymous's picture

The EMU zone and the EU zone. EMU zone is in crisis.

Mon, 11/12/2012 - 14:17 | Link to Comment akak
akak's picture

The OSTRICH zone and the EU zone.  OSTRICH zone is in crisis.

Why the crisis?  Why, 'US Citizenism' of course!

If it is bad, it comes from 'US Citizenism'.

 

Signed: AnAnnoyingUS

Mon, 11/12/2012 - 14:26 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

Ah, ah, the EMU zone indeedings much the crisis have makings. EMUs being now huntered to the extiction nearly due to high demandings of Chinese citizenism delicacy EMU beak soup. EMU beak soup valued the highly by Chinese citizenism citizens for making growth the 50 percent length Chinese citizenism penis to remarkable 3cm amazingly.

Mon, 11/12/2012 - 14:36 | Link to Comment akak
akak's picture

Chinese Citizenism tried making muchly exploitation of MOA zone in New Zealand five hundred years ago today thanks to Chinese counterfeit magical lightning-powered time-traveling flying rickshaw of Benjamin Franklin inventionism of US 'american' fabled past, but according of inferiorness of slave-labor fabricationalism, device transported they to Pangeia of 67,540,412 BC. 
But hey, dinosaur gall bladders even better than moa gall bladders, happy makings of Chinese Citizenism citizen penis expansionalism to giant 5 cm .... and the rest is history.

Mon, 11/12/2012 - 14:49 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

But hey, dinosaur gall bladders even better than moa gall bladders, happy makings of Chinese Citizenism citizen penis expansionalism to giant 5 cm .... and the rest is history.

5 cm?! Such Hantastic growth defies belief! Must be part of fabled past, since such size would drain voluminous amount of blood from Chinese citizenism citizen brain.

Mon, 11/12/2012 - 11:42 | Link to Comment nowhereman
nowhereman's picture

The tyranny of the majority.

/sarc

Mon, 11/12/2012 - 11:43 | Link to Comment Croatian Patriot
Croatian Patriot's picture

Respect from Croatia!!!

No EU!!!

and of course gold bitchez!!!

Mon, 11/12/2012 - 11:45 | Link to Comment magpie
magpie's picture

Did elves vote for or against the EU ?

Mon, 11/12/2012 - 11:50 | Link to Comment adonisdemilo
adonisdemilo's picture

How many more times will they have to vote before the assoles in Europe get the"right" result.

Mon, 11/12/2012 - 13:28 | Link to Comment Anasteus
Anasteus's picture

A cute 12 year old Canadian girl Victoria Grant explains the core of economic problems in 6 minutes the way a Nobel prize economist could get

http://www.youtube.com/watch?v=Bx5Sc3vWefE

Mon, 11/12/2012 - 11:55 | Link to Comment Seize Mars
Seize Mars's picture

Listen up, dipshits.

Does Iceland currently have a fiat currency? Yes.

is it pegged? Yes, to the CAD.

What is the CAD? The Canadian Dollar is the US Dollar.

Ergo, Bernanke's inflation is Iceland's inflation.

They have escaped NOTHING. They are still NECK DEEP.

Mon, 11/12/2012 - 13:12 | Link to Comment Coke and Hookers
Coke and Hookers's picture

It's not pegged to the CAD.

Wed, 11/21/2012 - 20:25 | Link to Comment Seize Mars
Seize Mars's picture

I just double checked on the BBG "PEG" screen. Right you are. I was wrong. Sorry.

Mon, 11/12/2012 - 11:58 | Link to Comment swissaustrian
swissaustrian's picture

Freedom, bitchez!

Mon, 11/12/2012 - 11:59 | Link to Comment adonisdemilo
adonisdemilo's picture

Look out Iceland, the power mad incompetent's at the EU are on their way bearing gifts just as soon as they have suckered Turkey. You,re next in line only because Turkey has more Gold than you.

Mon, 11/12/2012 - 12:05 | Link to Comment 10mm
10mm's picture

Those who voted yes should be ball batted.

Mon, 11/12/2012 - 12:07 | Link to Comment NoTTD
NoTTD's picture

Give them a couple of more generations and the 27% can become the majority.  Like here.  Anyone doubt if the Democratic Party in the US supported joining the EU, or any other such nonsense, as a way to increase welfare funding that it would fail today?  A generation ago, no chance. 

Mon, 11/12/2012 - 12:11 | Link to Comment ThorAss
ThorAss's picture

How many Americans would vote to join the U.S.A.?

Mon, 11/12/2012 - 14:35 | Link to Comment AnAnonymous
AnAnonymous's picture

Oh but they can alway opt out. Not so many do that though.

Mon, 11/12/2012 - 14:43 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Oh but they can alway opt out. Not so many do that though.

Yes, sure, and occupied Tibetans can always make Chinese citizenism citizen's arrest instead of burning themselves in protest.

http://www.theaustralian.com.au/news/world/four-tibetans-self-immolate-i...

http://news.yahoo.com/china-says-18-old-tibetan-self-immolates-033516046...

Made you laugh.

Mon, 11/12/2012 - 12:12 | Link to Comment lemarche
lemarche's picture

Who cares about Iceland??

300k people on a lost, tiny and unfriendly island that went bankrupt withouth the need of any outside assistance in 2008?!......

Mon, 11/12/2012 - 12:17 | Link to Comment Joe A
Joe A's picture

Only 30% of EU citizens trusts the EU. And they are delusional.

Mon, 11/12/2012 - 12:33 | Link to Comment Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

27.3% were bankers

Mon, 11/12/2012 - 13:08 | Link to Comment Seasmoke
Seasmoke's picture

Dear Iceland,

I am from Goldman Sachs and i am here to help

Lloyd

Mon, 11/12/2012 - 13:53 | Link to Comment OutLookingIn
OutLookingIn's picture

An Icelandic poll taken during this past year was overwellmingly in favour of joining Canada monetarily.

Mon, 11/12/2012 - 14:36 | Link to Comment AnAnonymous
AnAnonymous's picture

The Icelandic carry trade bought them some time but they are still in the same mess when it comes to their currency.

Mon, 11/12/2012 - 14:51 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

At least their roadsides are unmolested.

Mon, 11/12/2012 - 14:04 | Link to Comment De minimus
De minimus's picture

Now, now. Are you saying that there's something wrong with the last election ?

Do you mean to say that there was outright fraud and manipulation?

Are you asserting that the Marxists won, not  by fairness but by cheating on a massive scale?

Are you insinuating that there is a system and organization in place, the sole purpose of which is those results?

Guess what? You're right!!!!     So now what?

Mon, 11/12/2012 - 15:05 | Link to Comment q99x2
q99x2's picture

Sun doesn't get to their heads like the people of southern latitudes. LA is really suffering this year as I'm sure anyone that follows the elections knows.

Mon, 11/12/2012 - 15:42 | Link to Comment archon
archon's picture

This also demonstrates that no matter what the issue, you can count on at least a quarter of your population to be complete morons.

Mon, 11/12/2012 - 20:10 | Link to Comment Griffin
Griffin's picture

I would not say that they are morons. In Iceland loans, like mortage loans for example are indexed to inflation but wages are not, so everytime there is a crisis those people get considerably poorer.

In the last crash inflation went over 20%.  If Iceland was in the EU this problem would disapear.

Some EU laws Iceland has adopted are better for the general public than the previous Icelandic ones.

 

The problem with joining the EU is that it opens up the country to foreign influences of many sorts. 

There is a great interest in geothermal energy, especially in exporting power to Scotland from Iceland by a sub sea cable.  The idea is to connect Iceland to the European power grid.

The current energy production in Iceland is 17 TWh, that is hydro power and geothermal together.

The plan seems to be to increase production to 90 TWh, the entire increase would have to be geothermal and the wast majority would have to be deep drilling holes. A standard geothermal well generates ca 5 mw but a deep drilling well can produce up to 50 mw, but the reason Icelanders have only extracted enegry from the surface and not by deep drilling is that its dangerous and unstable. 

You can see this advocated in many places, for example McKinsey wrote a report on Iceland where this idea is mentioned.

http://www.mckinsey.com/locations/Copenhagen/our_work/How_We_Work/~/medi...

Iceland is a interesting place in many ways, she rose from the sea 20 mil years ago when a mantle plume who is 140 km wide and at least 600 km deep hit the fault line where the north American plate and the EurAsian plate meet.  The middle of the plume is now under a volcano called Bardarbunga, who is under Vatnajokull glacier ice cap.

This is why no place on earth is as volcanically active as Iceland is. Iceland is also the only place in the world where the mid Atlantic ridge is above the sea surface.

There was a deep drilling experiment in a volcano called Hengill, close to Reykjavik. The idea is to drill down to ca 5 km, really close to the magma chamber of a active volcano, then pump down liquid under intense pressure to fracture the borhole, this way they get superheated steam to power the turbines.

The problems with this is that you get alot of toxic material up with the steam, this needs to be pumped down again to a depth of at least 800 meters.

With the fracking and pumping came earthquake swarms with quakes up to M 4. Shortly after this begun the quake swarms developed a life of their own, coming when no activity was taking place, then the people living in the area shut this operation down.

The area that is to be exploited next is in the north east. A volcano called Theistareykir, Krafla and Bjarnarflag.

There were some holes drilled in Krafla and Bjarnarflag in 1980, just ordinary holes, but this caused earhquake swarms and one of the quakes split a borhole at bjarnarflag in half, at the same time a mud geyser erupted, folowed by a fissure eruption that went on for 9 years.  This was a small eruption on a Icelandic scale.

http://www.mbl.is/myndasafn/ljosmyndari-526/emilia-bjorg-bjornsdottir/my...

When the smallest of 3 fissures in the so called dead zone, between Vatnajokull glacier and Myrdalsjokull glacier erupted last time, the fauntains of lava were from 800 to 1200 meters tall. That fissure is called Laki and belongs to Grimsvotn volcano.

Since Krafla erupted, the plates in that area have been moving apart much faster than in the southwest, 2 cm a year at Thinvellir but up to 6 cm a year at Krafla for a 80 km wide area. This is 3 times what is considered normal and usually only happens after very large earthquakes.

There has been a large quake swarm at the Tjornes fracture zone recently, close to the Krafla area, and its ironic that it happened exactly when the IDDP drill Tyr, who will be used in the area came to Husavik harbor.

If one follows the fault line from Tjornes to Krafla to Askja, who is a enormous volcano, to Bardarbunga, trough the dead zone to Katla and Hekla, you will find lots of energy, there are no words to explain how dangerous this stuff is in the hands of idiots.

Therefore private investors should not be allowed anywhere near this resource, and keep absolute control of the resource in the hands of the Icelandic people where its used safely.

One of many good reasons to keep the EU out.

 

 

 

 

 

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