[Press Release] What Newfoundland and Labrador can learn from Iceland’s financial crisis

For Immediate Release

Charlottetown, PEI (March 15, 2021) —
What Newfoundland and Labrador can learn from Iceland’s financial crisis

UPEI’s Institute of Island Studies hosting free virtual event Tuesday, March 30th, 2021 featuring researchers from Newfoundland & Labrador and Iceland. More here

A Stella’s Circle building in St. John’s, shown
in the spring of 2020, carries a message of hope.
Source: The Canadian Press.

As cold-water islands with a shared history, Newfoundland and Labrador and Iceland are often compared. This time researchers are looking at what one island can learn from the other about getting through a financial crisis. They will be sharing their findings at a free, online, public event on Tuesday, March 30th at 1:00 pm ADT, hosted by the Institute of Island Studies at the University of Prince Edward Island (UPEI).

While the financial catastrophe in Newfoundland and Labrador and the 2008 banking crisis in Iceland both seemed to happen suddenly, this study shows they both had deep roots. “Neither government heeded warnings before their crisis and both had poor communications throughout their crisis,” explains one of the researchers, Mark Stoddart of Memorial University in St. John’s, Newfoundland and Labrador. “In Iceland however, public outrage created a turning point that we haven’t yet seen in Newfoundland and Labrador.”

This research undertaken by Professor Stoddart and Dr. Ásthildur Elva Bernharðsdóttir, an independent research scholar at ReykjavíkAkademían in Iceland, is a part of the Sustainable Island Futures project being coordinated by Dr. Jim Randall, the UNESCO Chair in Island Studies and Sustainability at UPEI. The project aims to develop a better understanding of the sustainable development practices and potential of small islands and is funded by the Social Sciences and Humanities Research Council of Canada (SSHRC).

For more information and to register for the event, visit islandstudies.com/islandlectureseries-march2021.


Media contact:
Dave Atkinson, UPEI
(902) 620-5117, datkinson@upei.ca

Event contact:
Maggie Henry, Institute of Island Studies, UPEI