The government has decided to double its support to the Icelandic film industry to an annual stipend of ISK 700 million (EUR 8 million, USD 10 million).
Minister of Culture and Education Thorgerdur Katrín Gunnarsdóttir and Minister of Finance Árni M. Mathiesen and representatives from the Union of Icelandic Filmmakers signed a contract yesterday, granting the Icelandic film industry this increased financial support, as reported in the main print media.
The contract includes that the current funding of 372 million (EUR 4 million, USD 5 million), will increase to 700 million (EUR 8 million, USD 10 million) by 2010.
It was also agreed that from now on at least four full-length acted movies will be produced in Iceland every year with special emphasis on movies for families.
A continued support for documentaries and short films is also planned, as well as increased financial support for the production of Icelandic TV programs.