Langtímaarð

Langtímaarð is a term used in Icelandic to describe a long-term, often multi-generational, period of economic decline or hardship. The concept is rooted in the Icelandic economic history, particularly during the 2008 financial crisis and its aftermath. The term is often used to discuss the prolonged period of economic stagnation, high unemployment, and social unrest that followed the collapse of the Icelandic banking system.

Langtímaarð is characterized by several key features. Firstly, it is a prolonged period, often spanning several years, during which the economy does not recover to its pre-crisis levels. Secondly, it is marked by a significant increase in unemployment, with many people unable to find work or maintain their jobs. Thirdly, it is accompanied by social unrest and political instability, as the population becomes increasingly frustrated with the lack of progress.

The term langtímaarð has been used to describe the economic situation in Iceland since the early 2010s. It is a reminder of the long-term impact of the financial crisis and the challenges that the country continues to face in its recovery. The term is also used to discuss the broader economic and social issues that contribute to the prolonged period of hardship, such as the lack of investment in infrastructure, the high cost of living, and the challenges of integrating immigrants into the workforce.