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Iceland’s Ministry of Welfare, parliamentarians from all political parties and the social partners have been backing the education project ‘Nám er vinnandi vegur’ (Learning is the way to go) over the past two years, where job seekers are given the chance to study. 

Resources have been transferred from unemployment funds to the education system - seven billion Icelandic kronor (€42m) over a three year period. This means Atvinnuleysistryggingasjóður, Iceland’s unemployment insurance fund, is financing study places for 1,000 unemployed Icelanders. 

Rather than covering unemployment benefits, the resources are being used to create new jobs for the unemployed. Unemployment has fallen by 1 to 2 percent according to Ágústsson.

Future worries include immigration, people living in areas traditionally most exposed to unemployment, long-term unemployment and young men who leave school early.