Scandinavian Monetary Union after Iceland was elevated to a separate kingdom in union with Denmark in 1918. Iceland cut its ties to Denmark in 1944 and became a republic. The Icelandic króna soon became volatile, causing a high inflation and in 1980 a currency reform was introduced, in which 1 new Icelandic króna was set to 100 original ones.. The Scandinavian Monetary Union was inspired by the Latin Monetary Union, established in 1865. According to economic historians Ingrid Henriksen and Niels Kærgård:Was the Scandinavian Currency Union a success? Yes and no. When the Union functioned at its best, which was only from 1901
New Iceland New Iceland New Iceland ( ) is the name of a region on Lake Winnipeg in the Canadian province Manitoba which was named for settlers from Iceland. It was settled in 1875. The first Icelandic emigrants to Canada were Mormons from the Westman Islands. The more general migration followed an offer from Lord Dufferin of land in Manitoba to establish what amounted to a "free state". Due to harsh environmental and economic conditions in Iceland, including the eruption of Mount Askja, some 20,000 Icelanders left their homeland between 1870 and 1915 - roughly a quarter of the population of Iceland.