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Thursday, August 11, 2022
HomeGovernance and SocietyFaroe Islands mark 27 years since start of worst economic depression in...

Faroe Islands mark 27 years since start of worst economic depression in country’s history

Tomorrow marks 27 years since Sjóvinnubankin, a bank whose main purpose was to finance the fishing industry, declared bankruptcy.

This started off the worst economic depression in Faroese history, with high unemployment (10-15%), heavy debt and considerable emigration from the islands.

15 percent of the population emigrated to Denmark.

After the severe economic troubles of the early 1990s, brought on by a drop in the vital fish catch and poor management of the economy, the Faroe Islands came back in the late 90s, with unemployment down to 5% in mid-1998.

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