Reykjavík Grapevine - des. 2020, Blaðsíða 6

The simulation is
failing and once
again a glitch in the
matrix has been
revealed to the
Grapevine team via
the ever-psychic
medium of Google
Translate. Auto-
matic translations
of news articles
between Icelandic
and English have
been exposing
cracks through
to the alternate
Reykjavík that we
cannot see—and
this time, Reykja-
vík’s AU is plagued
by a gang of egg
weapon wielding
criminals:
29th September
2020: “Attacked a
man with an egg
weapon, stole his
car and robbed a
shop.” (Vísir)

October 27th, 2020:
“He was supposed
to be in quarantine
and attacked a
man with an egg
weapon” (RÚV)
A brief look into
Iceland’s news
archives revealed
that these egg-
assassins have
been around for
longer than we
thought:

16th July 2018:
“Police are looking
for a man who was
seen with an egg
weapon.”
26th September
2013: “Fi!een ar-
rested – seized egg
weapons.”

Do these egg
weapon fighters
present them-
selves as one
group? Where do
they procure their
egg weapons? Or is
there only one egg
weapon, implying
the existence of
one more powerful
and ultimately
superior “man with
an egg weapon”? If
so, where is he now
and what does he
want?
We at the Grape-
vine imagine that
the weapon is used
to propel eggs,
but concede that
it could also be
a non-egg based
weapon tradition-
ally used against
eggs. A hard-boiled
egg might produce
the most force, but
a raw egg would
presumably require
the bigger cleanup.
In reality: The
Icelandic ‘eggvopn’
actually means
blade, but Google
Translate is totally
convinced it means
‘egg weapon.’
Absolutely positive.
Every single time.
IRW
The Icelandic highlands is one of the
largest undeveloped areas in all of
Europe, covering some 40,000 square
kilometres of Arctic desert, glaciers and
mountains.
It is then probably unsurprising that
the government wants to make the
highlands a national park. However, the
proposal has been met with concerted
criticism and is being hotly debated
in Parliament—even amongst parties
within the ruling coalition—and objec-
tions have also been raised by rural
municipalities and tourism industry
workers.
How it started
The establishment of a highlands
national park was part of the joint policy
agreement of the then-newly elected
ruling coalition—the Left-Greens, the
Independence Party and the Progres-
sive Party—in November 2017. Minister
for the Environment Gu!mundur Ingi
Gu!brandsson formally introduced the
bill earlier this month, but it now seems
unlikely to pass.
What’s the issue?
A number of rural municipal territories
are covered by the park’s proposed area,
with some of these municipalities rais-
ing objections that it constitutes the
national government running rough-
shod over small rural towns.
Another issue raised was the cost
and where exactly the money will come
from. Gu!mundur himself says it will
likely cost close to a billion ISK over the
next five years to establish the park, but
believes tourism money and employ-
ment opportunities within the park will
help offset the costs.
Tourism and freedom of
movement
Perhaps the biggest objections being
raised comes from the tourism indus-
try. The Highlands National Park
proposal is currently the hottest
topic within groups such as Bakland
Fer!a"jónustunnar, a Facebook group
for tourism industry workers, who are
worried the national park will restrict
freedom of movement and add more
red tape to their operations.
A long ways to go
There is little doubt that Icelanders love
the highlands. Poll after poll has shown
that most Icelanders want to protect
one of Europe’s last remaining wilder-
nesses.
However, given the number of raised
objections, the strength of the push-
back and the numerous issues that are
still unresolved, it is quite unlikely that
the Highlands National Park is going to
become a reality any time soon.
If you’ve ever attempted to buy a
home in Iceland, you may have
noticed inflation-indexed hous-
ing loans on offer. If you rent, you
may have an agreement with your
landlord that your rent may change
from month to month because the
landlord took out such a loan on the
property you’re now renting. Infla-
tion-indexed housing loans are fairly
uncommon in Europe, so what makes
Iceland so special? We asked "órir
Gunnarsson, an economist at the
Icelandic Confederation of Labour,
to explain.
“Inflation in Iceland has been great,
compared to the general inflation rate
in Europe. It’s not too long ago that de-
positors lost their deposits and credit
institutions on loans due to persis-
tently high inflation.
“Credit institutions are now careful
not to lose out on loans with indexed
loans or spreads due to inflation on
non-indexed loans. The inflation pre-
mium is added to the interest rate on
non-indexed loans and the interest
rates are therefore higher here than
in a stable price environment. Indexed
loans spread the risk of inflation with
increasing principal over the loan
period, but at the same time lower
interest rates that otherwise can be
o!ered.
“The debt service burden of in-
dexed loans is lower in the beginning
and the loans are an option for those
who enter the real estate market to
take out loans that would otherwise
be di"cult to support. Young people
have applied for indexed, 40-year
equal-payment loans due to a lower
debt service burden in the environ-
ment of high interest rates and in-
flation. Real estate buyers get more
expensive housing with indexed loans
but pay for it with interest on the prin-
cipal, which rises with prices over the
loan period. Younger people who enter
the real estate market with indexed
equal-payment loans are then o!ered
to refinance with rising income and
have the option of converting to non-
indexed loans.” °
ASK AN
Economist
Q: How Come We Have
Inflation-Indexed
Loans In Iceland?
“Egg
Weapon”
Controversy Surroundin# Pro-
posed Hi#hlands National
Park
MPs question the wisdom of the move
Words:
Andie Sophia
Fontaine

Photo:
Art Bicnick
First 6 The Reykjavík GrapevineIssue 10— 2020
LOST IN GOOGLE
TRANSLATION
NEWS
The Highlands, yesterday
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