Iceland is fully a part of Europe and it has a social welfare system modeled after the Scandinaivian countries. The government manages a wide range of benefits for all citizens. Like Scandinavian countries ,there are very high taxes on goods and the incomes of citizens level out after income taxes.
Iceland is not a member of the European Union and does not use the Euro as currency.
The króna is the currency in Iceland.
100 ISK (króna) is worth about $1.38 in US currency and .87 Euros.
About 7,229.04 ISK will get you this cool painting by Icelander Tinna Eik on Etsy.com:
The Icelandic economy is not as reliant on visual artists and musicians as it is on the fishing industry. Seventy percent of their exports are fish.
Manufacturing medical supplies, Aluminum Smelting and Textiles are also important exports from Iceland. But they are not nearly as delicious as fish: