The economic benefits of the Icelandic government’s policy to increase the use of geothermal energy can be seen when the cost of hot water for houses is cheaper than if oil would be used. The average annual savings have been 2.6% of GDP between 1950 and 2016. This a massive saving for all citizens, as they economized about 1 million Isk per each 4-people family.
Geothermal resources has also contributed to the development of different economic sectors: fish drying, production of goods made from fish offal, farming warm-water flat fish, traditional and health-related tourism, natural treatments for skin disorders, algae farming, eco-friendly cosmetics, providing clean energy for hotels, households, greenhouses and any kind of buildings.
Source: National Energy Authority of Iceland
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