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They mostly catch Cod and capelin.. (But catch lots of other fish as well)
Iceland : The fishing industry in Iceland is their main economy, and it's what makes them different from their Scandinavian neighbors. The Icelandic Ministry of Fisheries reported that in 1999 the total catch of fish by the Icelandic fleet was 1.7 million tons.
Iceland Fishing Rights
Solutions: 1. Just give all the countries in the Dispute the right to fish in that Disputed area. 2. Take the dispute to the World Court.
http://www.britains-smallwars.com/RRGP/CodWar.htm
Norway and Russia have complained about Iceland's herring fishing in the Barents Sea between Iceland and Norway. Canada has objected to Iceland's shrimp fishing off the coast of Newfoundland.
http://www.nationsencyclopedia.com/economies/Europe/Iceland.html
http://www.suite101.com/content/risky-for-iceland-to-join-the-eu-a81059
