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
Geology of the Faroe Islands Geology of the Faroe Islands The Faroe Islands lie on the Eurasian plate between Scotland, Norway and Iceland. The islands are of volcanic origin and are made up of three layers of basalt, with the top and bottom layers resembling each other. The age of this rock is between 54 and 58 million years, with the oldest material at the bottom. The Faroe Islands were formed during a period of a few million years, some 55 million years ago in early Paleogene times, when Europe and Greenland started to separate, opening up what became the Northeast Atlantic Ocean. Countless volcanic