It was in Iceland that I first heard discussion about the positive effects of global warming. Now, I’m trying to come to grips with how the economic crisis that has hit the country isn’t something to worry about—it could even be a good thing, I’m told. This may read as a sick joke to anyone here in Iceland, but could the economic downturn be good for us?

Icelanders have so far dealt with the crisis in an overwhelmingly calm way. It may be fruitless, but is no one willing to protest what has happened? Indeed, why haven’t people been more vocal on the issue when it became clear earlier in the year that the economy was in for a rough time? Most of us have sat by and let it come to this—a full-blown crisis.

I saw some footage of a woman, a Landsbanki customer of 40 years, airing her disgust at the bank for not letting her withdraw her funds after it was announced that the Financial Supervisory Authority would take control of its operations. She held back tears as she criticized the bank. Good on her, I thought.

But, it seems Icelanders in general are playing it cool. While the economy is naturally on everyone’s lips, apart from the case I just mentioned, I haven’t heard anyone get worked up about it yet. “There’s nothing you can do, anyway” and “things will get better” is all I am hearing. While this may be most logical, this attitude amazes me. I’m not suggesting that we all take to the streets; I’m simply shocked that no one has. That would surely be the default reaction in other countries.

On Wednesday a group of Icelanders gathered in front of the Althingi parliament for a concert organized by one of the country’s biggest rock stars Bubbi Morthens in show of unity. But, even they stressed that the event was not a protest.

This past week, I’ve heard again and again that the devaluation of the króna is great for the tourism industry. But, what kind of a constellation is that? Sure, Iceland is a whole lot cheaper if you’re traveling with the euro or pound—the euro has strengthened as much as 100 percent in relation to the króna in one year.

Now, there are even suggestions that instead of Icelanders doing their annual Christmas shopping abroad, Europeans might instead flock to Iceland to take advantage of our struggling currency. (Click here to read a recent Daily Life about this topic.) While I doubt this will happen, the very fact that it was suggested shows how much times have changed.

The value of the króna is also great for exports, as foreign buyers now get a whole lot more for their money. Then, there are those who say this will teach Icelanders a lesson, teach them to spend their money more wisely. One of the things that most surprised me when I first moved to Iceland was the way in which people spend and consume so casually.

However, judging by the number of customers that queued for the opening sales at new shopping mall Korputorg in Reykjavík last Saturday, or the customers in electronic store Elko walking out with huge flat screen TVs last weekend, it might be a while before the crisis really sinks in and people change their spending habits. After all, a report published by German market research company GfK GeoMarketing less than a year ago, ranked Iceland as having the sixth highest disposable income in Europe.

How about the latest claim that Icelanders might improve their eating habits during these tough times? An article in Morgunbladid discussed whether hard economic times might be good for our health. The article quoted a piece in the New York Times entitled “Are Bad Times Healthy?”

The author writes that the rising costs of prepared foods in the United States has meant that people have changed their ways and are cooking from scratch. While the article points out that wealth often means improved health, economic studies, the article reads, suggest that people tend to take less care of themselves during boom times, for example by drinking excessively. With most people having to tighten their belt now, could this mean that Icelanders will drink less, given the notoriously high price of alcohol in Iceland?

Or will we try to cut down on our food bills by ordering take away—hamburgers and pizza—, because, although not exactly cheap in Iceland, they are less expensive than eating out at a traditional restaurant, a habit which I’m sure not all of us are ready to give up. Consumers seem to have changed their eating habits in the United Kingdom. Statistics show a sharp drop—the largest in a decade—in sales of organic food in the United Kingdom.

The New York Times article also quotes Grant Miller, an assistant professor of medicine at Stanford as saying that “The value of time is higher during good economic times [...] so people work more and do less of the things that are good for them, like cooking at home and exercising; and people experience more stress due to the rigors of hard work during booms.” Now that the boom is well and truly over, will we take a step back from our heavy working schedules and spend more time on the other things in life?

Evidence towards whether the economic downturn is good for our health is mixed. Negative growth in Japan, according to a recent BBC news story, has sparked fears for the impact it will have on the number of people suffering from depression in the country. According to psychologists, as dire as the situation might seem, we should all try and lighten up a little. Humor, they say, can provide a way of expressing frustration at the situation.

In the meantime, while we may not all be able to convince ourselves that the recession is good for us, let’s do as the Icelanders seem to be doing and stay positive.

ZR – zoe_robert3@hotmail.com