Economic impact of Iceland’s Film Production Incentive

In 2023, Olsberg•SPI (“SPI”) was commissioned by Iceland’s Ministry of Culture and Business Affairs to undertake a project (the “Study”) to assess the economic impact of Iceland’s Film Production Incentive. The Study aims to quantify and describe the economic impacts generated by film and television (“Screen”) productions funded through Iceland’s incentive. Based on the data available, the Study focuses on the years 2019-2022.  

Key Findings

Screen production is a major success story for Iceland on the world stage, with high levels of quality local and international content production. Productions such as 101 Reykjavik (2000), Everest (2015), Lamb (2021), and Beast (2022) brought Iceland’s landscapes or talent to screens around the world. In recent years, Iceland has become more competitive as a production destination due to its strong and easily accessible locations, an expanded film and television production incentive, and highly skilled talent base. Such major international productions as True Detective: Night Country (2024), The Northman (2022), and Interstellar (2014) were all shot in the country. Iceland's unique locations have become powerful promotional tools, fuelling the country’s tourism market and associated businesses. Data from the Icelandic Tourist Board from 2018 shows that 39% of visitors to Iceland mentioned movies and television programmes showing the Icelandic landscape as one of the reasons why they came to visit the country.