According to newly released data the number of Icelandic homes receiving financial assistance from the municipalities dropped in 2014, for the first time since 2007. The drop of 3.6% is an indication poverty is dropping as the Icelandic economy continues its strong recovery from the recession which followed the 2008 financial crisis.
Read more: Icelandic Economy boomed in first six months of 2015: GDP grew by 5.2%
Spike after 2008 financial crisis seems to be subsiding
The number of homes which were forced to seek financial assistance from municipalities shot up following the 2008 financial crisis. The assistance is offered to homes facing significant economic hardship and is in many cases the last emergency line of help to economically distressed homes. One of the largest groups of those who receive the support are people who have exhausted their rights to unemployment benefits. In 2014, 44% of those who received financial assistance from municipalities were unemployed and three-fourths had exhausted their rights to benefits.
According to the local newspaper Morgunblaðið 7,749 homes received municipal financial support in 2014, which was 293 fewer than in 2013. The year before the number had grown by 306, or 4%. Between 2007 and 2011 the number had grown by 860 on average each year.
Number of children live in homes receiving support drops
A total of 12,625 people lived in homes receiving financial assistance, or 3.8% of the population of Iceland. Of these 4,203 were children under the age of 18, or 5.3% of children under the age of 18 in Iceland. In 2013, 4,421 children under the age of 18 had lived in homes receiving financial support, or 5.5% of Icelandic children.
According to newly released data the number of Icelandic homes receiving financial assistance from the municipalities dropped in 2014, for the first time since 2007. The drop of 3.6% is an indication poverty is dropping as the Icelandic economy continues its strong recovery from the recession which followed the 2008 financial crisis.
Read more: Icelandic Economy boomed in first six months of 2015: GDP grew by 5.2%
Spike after 2008 financial crisis seems to be subsiding
The number of homes which were forced to seek financial assistance from municipalities shot up following the 2008 financial crisis. The assistance is offered to homes facing significant economic hardship and is in many cases the last emergency line of help to economically distressed homes. One of the largest groups of those who receive the support are people who have exhausted their rights to unemployment benefits. In 2014, 44% of those who received financial assistance from municipalities were unemployed and three-fourths had exhausted their rights to benefits.
According to the local newspaper Morgunblaðið 7,749 homes received municipal financial support in 2014, which was 293 fewer than in 2013. The year before the number had grown by 306, or 4%. Between 2007 and 2011 the number had grown by 860 on average each year.
Number of children live in homes receiving support drops
A total of 12,625 people lived in homes receiving financial assistance, or 3.8% of the population of Iceland. Of these 4,203 were children under the age of 18, or 5.3% of children under the age of 18 in Iceland. In 2013, 4,421 children under the age of 18 had lived in homes receiving financial support, or 5.5% of Icelandic children.
