Icelandic film industry experiences recession

Filming The King of Blaze on Laugavegur in Reykjavik.

Filming The King of Blaze on Laugavegur in Reykjavik. mbl.is/Golli

After successful years in the film industry company True North are experiencing losses. "Last year was a veritable annus horribilis," said board director of True North Leifur B.Dagfinnsson, speaking to Morgunblaðið this week.  

In 2015 the turnover of True North was 5 billion ISK and last year only one billion. 

True North has been one of the leading film companies cooperating with international movie studios. Renowned film stars have come to Iceland to take part in projects, including Star Wars and Fast & the Furious. 

Dagfinsson blames the high exchange rate and the strength of the Icelandic krona for this development. "So many films have been filmed here. Huge, international brands like Star Wars, famous directors and actors. Either Iceland has been overused or the companies think it's simply too expensive to come to Iceland to film. That's just how it is. We're not competitive."

Leifur Dagfinsson at True North.

Leifur Dagfinsson at True North. Eggert Jóhannesson

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