Icelandic companies that have suffered substantial revenue losses due to the COVID-19 crisis will be given the opportunity to apply for government support to pay a portion of salary costs during the employee notice period, protecting workers’ rights and preventing a wave of corporate insolvencies. Support which allows workers to go part-time and receive top up payments from the government will be extended until the autumn, with amendments, and simpler rules on financial restructuring of businesses will be adopted enabling firms to seek protection easily.

https://www.government.is/news/article/2020/04/28/Government-of-Iceland-announces-increased-support-for-companies-and-extension-of-part-time-unemployment-benefits/