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Iceland and Russia have signed a cooperation agenda regarding geothermal energy.
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In the decade following the adoption of the 1982 United Nations Convention on the Law of the Sea, fishing on the high seas became a major international problem.
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Coastal states have their maritime zones where they have exclusive access to all resources. The map on the right shows these zones.
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The relationship between the physical effects of climate change and effects on the ecosystem is complex. It is impossible to tell what climate change will to do biological resources in the Arctic.
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The government of Russia has finalized a state program for oil and gas exploration. The project is worth around 225-250 billion USD, the government putting in around 40 billion USD.
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The civilizations of northern Europe commercialized fishing, taking cod and herring in the seas off Norway and European Russia. During the past and recent years the Arctic and the Sub-Arctic was and will be a valuable food production area and has supplied over the years valuable nutrition for the south.
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Five species fill up just over 50 percent of the fisheries in the northwest Atlantic Ocean.
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Fishing is the most important economy in Greenland, and a huge factor in Iceland.
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Here is a graph that shows how much six Arctic states caught. The numbers do not include whaling, but the numbers are in tons.
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Environmental study of proposed oil drilling near Jan Mayen will proceed in the near future, despite strong opposition of environmentalist, according to Reuters.
Jan Mayen is a Norwegian archipelago north of Iceland. The Map shows the EEZ around Jan Mayen, which Norway is entitled to.
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The eight Arctic states all catch fish. The species and quantity naturally varies between them.
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The first graph shows the Atlantic Ocean. The blue colour is the northwest and the orange for northeast.