Iceland in the Cold War due to clerical errors. Icelandic courts approved warrants by the Icelandic police to tap the phones of prominent Icelandic communists on six occasions during the period 1949-1968: During the 12-year reign of the , US-Icelandic relations were at their calmest. The government initiated major economic reforms that liberalized Iceland's economy and reduced Iceland's dependence on barter trade with the USSR. The Cod Wars were a series of confrontations between the United Kingdom and Iceland regarding fishing rights in the North Atlantic. Each of the disputes ended with Iceland's victory. The final Cod War concluded with a highly favorable agreement for
Atlantic cod for one year the planned 82% reduction in catch limits. Instead, the limit was reduced by 22%. The fishery brought in $15.8 million in 2010, coming second behind Georges Bank haddock among the region's 20 regulated bottom-dwelling groundfish. Data released in 2011 indicated that even closing the fishery would not allow populations to rebound by 2014 to levels required under federal law. Restrictions on cod effectively limit fishing on other groundfish species with which the cod swim, such as flounder and haddock. Cod populations or stocks can differ significantly both in appearance and biology. For instance, the cod stocks of