The Null Device
Economically, things are pretty grim in Iceland. The country's beset by crippling debts, prices are rising and foreign currency is being rationed; public opinion has turned against the free-wheeling capitalists who caused the crisis, and support for joining the EU is dropping as EU members (particularly Britain and the Netherlands) hold Iceland's feet to the fire over bank debts.
However, there are plans to utilise Iceland's geographical advantages to make the country the world's server farm. It makes sense; server facilities use increasingly vast amounts of electricity, both for powering servers and cooling them. Iceland, however, has a cold climate (providing for natural cooling), and more electricity than it knows what to do with (thanks to geothermal energy), all generated with negligible carbon emissions, and is conveniently located in the middle of the North Atlantic, within easy reach of both North America and Europe.
Iceland has been busying itself laying fibre optic cables to connect the country with North America and Europe. The cables coming in provide a capacity of more than five terabits/sec - all with server farms in mind.
Travelling down this pipe, data sited in Iceland is just 17 milliseconds from London.