Despite its geographical remoteness from continental Europe, Iceland, a small island state in the Northern Atlantic, has been an important part of not only civilized Old World spaces, but also an appreciable element in the economic and political life of the Northern European region. Being the homeland of one of the oldest parliaments in the world, small Iceland has steadily taken high positions in various ratings of the states' development and well-being, showing that even severe climatic conditions are not an obstacle to successful development.