Faroe Islands the economy remains vulnerable. One of the biggest private companies of the Faroe Islands is the salmon farming company Bakkafrost, which is the largest of the four salmon farming companies in the Faroe Islands and the eighth biggest in the world. Petroleum found close to the Faroese area gives hope for deposits in the immediate area, which may provide a basis for sustained economic prosperity. 13% of the Faroe Islands' national income comes as economic aid from Denmark. This corresponds to roughly 5% of GDP. Since 2000, the government has fostered new information technology and business projects to attract new
Geography of the Faroe Islands Geography of the Faroe Islands The Faroe Islands are an island group consisting of eighteen islands between the Norwegian Sea and the North Atlantic, about half-way between Iceland and Norway. Its coordinates are . It is 1,393 square kilometres in area, and includes small lakes and rivers, but no major ones. There are 1,117 kilometres of coastline, and no land boundaries with any other country. The Faroe Islands generally have cool summers and mild winters, with a usually overcast sky and frequent fog and strong winds. Although at a high latitude, due to the Gulf Stream their climate is ameliorated.