Crossing Continents this week investigates the human impact of the economic disaster that has hit the tiny nation of Iceland.
Paul Henley meets ordinary Icelanders, like the Olafssons with their five children and five cats.
Both parents have just lost their jobs and they do not know what they are going to do for money this winter.
He also meets those who have benefited from the crash, like the wealthy Austrian horse owner flying into Iceland with his Euros and buying up Icelandic pure bred horses, that since last year, have dropped in price by over 40%.
BBC Radio 4's Crossing Continents was first broadcast on Thursday, 20 November, 2008 at 1102 GMT and was repeated on Monday, 24 November, 2008 at 2030 GMT.
Reporter: Paul Henley
Producer: Daniel Tetlow