Reykjavik Grapevine
***STAR READ*** Blame Canada?
“Onlookers shouted and boo-ed as city council progressed toward approving the 32.32% sale of Iceland’s HS Orka to the Canadian-cum-Swedish firm Magma Energy Corp.”

BBC News Online
No more Happy Meals for Iceland
“Iceland is to lose its three McDonalds outlets after the country’s financial crisis made operating there too expensive. The restaurants import almost all of their ingredients, but the collapse of the Icelandic krona has almost doubled import costs.”

Iceland Weather Report Forums
Silver Lining Charity
“An Icelandic couple based in Los Angeles has created a non-profit organization to raise funds for agencies that help those in need in Iceland.”

Then throughout the day more media began to appear, all regarding the decision of Iceland’s McDonald’s franchise owner to shut up shop. And that’s an important difference. As Alda Sigmundsdóttir writes in the Guardian newspaper:

They are right that the McDonald’s closure is related to the country’s economic meltdown. The rest is a slight misrepresentation. Thing is, McDonald’s isn’t actually packing up and going home. The Icelandic owners of the McDonald’s franchise have decided to drop it. They will still run a burger joint in the same location, but under a different name – and using only domestic ingredients.

The BBC were next up with a video report entitled: No more Happy Meals for Iceland (har har headline writer, would you like a prize for being so witty! It’s almost as good as the Globe’s “The big whack”).

Rhiannon and Sam, two British ex-pats living in the country, chimed in with these anecdotal tidbits to round out the picture:

I have only ever been to McDonald’s once in Iceland; it was the most expensive burger I have ever eaten. The average cost for a MaccyD´s in England is roughly 4 pounds. Here I paid nearly 10 pounds!

I really want to say this is the last post on the issue, but I don’t think we’ve heard the last of this just yet.

This seems to have been the biggest news out of Iceland yesterday thanks to a Bloomberg story which reported:

Iceland’s McDonald’s Corp. restaurants will be closed at the end of the month after the collapse of the krona eroded profits at the fast-food chain, McDonald’s franchise holder Lyst ehf said.

McDonald’s in Iceland, which imports most of the ingredients it uses in its meals, will shut after costs doubled over the past year, Lyst said in an e-mailed statement today. The franchise holder said it doesn’t expect the situation to change in the short term.

“We would have to raise our prices by 20 percent to get the margin needed on our products,” Magnus Ogmundsson, Lyst chief executive officer, said in a phone interview. “That would have sent a Big Mac to 780 kronur” ($6.36), compared with the 650 kronur it costs today, he said.

The story also got over 700 upvotes on Reddit, taking it to the front page with 600 plus comments.

As one commentator pointed out:

If I wanted to put this bluntly, I would say: Who gives a frag? There is no news value to this really.

The BBC’s World Service, however, would beg to differ. Iceland’s top bloggers received a call from them and had this to say on Twitter after:

“Just interviewed by BBC World Service. They wanted to know if we were terribly distraught about McDonald’s leaving… I said we were weeping uncontrollably into our McShakes, choking on our McFries… we thought we’d at last held civilization in our hands, and to have it so cruelly snatched away **SOB**