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Aviation industry in Iceland - statistics & facts

The air transport sector in Iceland experienced a rather large decline in annual turnover in 2019, which amounted to roughly 233 billion Icelandic krónur. This illustrated a 20 percent decrease relative to the value recorded in the previous year. In the same period, the number of employees in the industry declined by 157 individuals compared to 2018. In contrast, in 2019 the number of air transport companies in Iceland increased to 50. The Icelandic aviation industry had a total of 392 registered aircraft in operation, which was a slight decrease on the 412 aircraft reported the previous year.

Performance of passenger and cargo segments in Iceland

Iceland is know as the land of fire and ice for its volcanoes and glaciers, which brings a lot of international tourists to this destination. However, in 2020, the number of international passengers declined drastically, amounting to about 1.4 million, relative to the 7.3 million passengers reported in 2019. The sharp decrease was caused by the reduced aircraft operations which came as a result of the COVID-19 pandemic. The impact of the pandemic was greatly seen in the flight movements at airports in Iceland, which amounted to 84,722 domestic and only 19,198 international movements. In the same period, the volume of freight handled at Icelandic airports decreased to 50,194 metric tons from 55,853 metric tons recorded in the previous year.

Leading companies in the Icelandic aviation industry

Icelandair Group, parent company of Icelandair airlines, was the largest operating airline in Iceland reporting a market share of 9.9 percent in 2020. They were followed by United Airlines, who had a share of 6.7 percent. In the same period, Icelandair reported an operating income of 434 million U.S. dollars, which was a sharp decrease relative to the 1.5 billion dollars recorded in the previous year. The airline also saw a significant decrease in the number of passengers too, with only 128,000 passengers transported domestically, and 763,000 international passengers in 2020. As mentioned above, the large decline in passengers and operating income comes as a result of the pandemic. In contrast, the Icelandic airline did experience an increase in revenue from mail and cargo transportation, which amounted to 66.48 million U.S. dollars in 2020

Airport traffic in the aviation industry in Iceland

The Keflavík Airport was the busiest of the bigger public airports in Iceland in 2020, with a total of 1.37 million passengers traveling through the airport. This airport was significantly busier compared to the other airports, with the next placed airport, Reykjavik Airport, reporting a total of 164,705 passengers in the same period. In 2020 however, the number of passengers flying through Keflavík Airport experienced a sharp decline, amounting to 1.37 million passengers because of flight restrictions aimed at curbing the spread of the COVID-19 virus. In addition, the airport handled a large amount of cargo, amounting to 48,220 metric tons in 2020.

Interesting statistics

In the following 4 chapters, you will quickly find the 23 most important statistics relating to "Aviation industry in Iceland".

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