"For a long time, this volcanic island was one of Europe’s poorest countries, as only a small portion of the land is suitable for agricultural use and Iceland possesses virtually no natural resources. Thus, Iceland never developed into an industrial nation – the prosperity it achieved toward the end of the 20th century was due to the country’s booming services sector." https://www.erih.net/how-it-started/industrial-history-of-eu...

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