A major financial crisis hit Iceland from 2008 to 2011. It brought about a collapse of the Icelandic banking sector. The value of the Icelandic króna dropped, and it went down to around 185 ISK per 1 euro. After many of the issues were resolved, the krónur value went up to around 140 ISK per 1 euro. However, the value has not been as high as it was since before the crisis (it was at 82 ISK per 1 euro in mid-2007).