Icelands parliament has approved a proposal that would halve the budget it funds for the arts projects national body, Mynlistarsjodur. In 2013, Myndlistarsjodur received 45m krona from the government, but that figure is set to me no more than 25m in the future.
http://www.icenews.is/2014/12/27/criticism-in-iceland-after-arts-funding-halved/