In an article published September 30th, Forbes highlighted the ins and outs of the Icelandic film industry and how this Nordic country has become the new hotspot for Hollywood productions.
Essentially, Iceland has become a hot spot for a couple of key reasons. First, the Icelandic landscape is beautiful. Hollywood directors could only dream of creating the landscapes of Iceland's glaciers, volcanoes, rivers, and waterfalls, which provide the perfect backdrop for any film production.
Second, the Icelandic government offers a 20% rebate to film studios that choose to shoot their film in Iceland. Thus, in a big-budget production that shoots for $100 million, Iceland will give back $20 million upon completion of the project.
The rebate is done to incentivize the film studios to shoot in Iceland in order to boost the local economies that rarely see big business outside of the tourist season from May – August. The incentive is a win-win for Hollywood studios and the Icelandic economy because both parties come away with an increase business.
Ultimately, the movie industry has helped Iceland bounce back from the 2008 economic recession.
In an article published September 30th, Forbes highlighted the ins and outs of the Icelandic film industry and how this Nordic country has become the new hotspot for Hollywood productions.
Essentially, Iceland has become a hot spot for a couple of key reasons. First, the Icelandic landscape is beautiful. Hollywood directors could only dream of creating the landscapes of Iceland's glaciers, volcanoes, rivers, and waterfalls, which provide the perfect backdrop for any film production.
Second, the Icelandic government offers a 20% rebate to film studios that choose to shoot their film in Iceland. Thus, in a big-budget production that shoots for $100 million, Iceland will give back $20 million upon completion of the project.
The rebate is done to incentivize the film studios to shoot in Iceland in order to boost the local economies that rarely see big business outside of the tourist season from May – August. The incentive is a win-win for Hollywood studios and the Icelandic economy because both parties come away with an increase business.
Ultimately, the movie industry has helped Iceland bounce back from the 2008 economic recession.
