Grindavík Damage Review Almost Complete

2026-02-01 - 15:18

The damage assessment in Grindavík is nearing its conclusion, with over 70 properties affected by recent natural events. Natural Catastrophe Insurance of Iceland (NTI) has received approximately 800 damage reports in the town, and the total compensation is expected to approach 12 billion ISK. Jón Örvar Bjarnason, Head of the Insurance Division at NTI, stated that around 10 to 12 buildings in the area are so severely damaged that repairs would be too costly or complex to justify. These properties, primarily multi-purpose buildings, have contributed to the rising number of affected properties, which now exceeds 70. What's the Story? Over 70 properties affected in Grindavík 800 damage reports submitted to Natural Catastrophe Insurance of Iceland (NTI) Total compensation expected to reach 12 billion ISK 47 plots of land inspected for damage near cracks 10 to 12 buildings deemed too costly to repair Compensation cases largely settled, a few still under review Emergency sign in Grindavík. Photo: Michael Chapman. Iceland Review. As reported by RÚV, the total compensation has already surpassed 10 billion ISK. Most cases have been settled, but there are still a few remaining that are under review, which could push the final compensation total to or beyond 12 billion ISK. Recent investigations have included geotechnical assessments of 47 plots near or on cracks in the ground, involving excavator work to evaluate the extent of the damage. Despite some ongoing cases, Bjarnason is optimistic about reaching a conclusion. “I think it’s safe to say we’ve made significant progress,” he added. “There are a few outstanding issues, but the worst is behind us.”