The Icelandic Confederation of Labor and Confederation of Icelandic Employers have reached an agreement that removes the threat of strike. This cancels the scenario outlined in the earlier post titled ‘ISK down?‘ and actually reverses it. Individual labor unions will have to accept the agreement but there is no reason to believe they will reject it. Tourists can therefore go ahead with travel plans as scheduled and enjoy what can be expected to be a great summer here in the Arctic.
If anyone is wondering what the waffles are doing here, the custom is to celebrate signing of labor agreements with a waffle party. The negotiators have most certainly earned it.
UPDATE MAY 14: Air traffic controllers are now threatening a strike and have already caused air traffic distruptions due to a self-imposed ban on overtime labor. If this group really wants improved living standards, it ought to restrain itself until after the summer. After all, tourism revenue will go a long way toward rebuilding the economy.