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Boom-to-Bust Past Inspires Iceland’s Push to Diversify Its Economy

Island nation is encouraging innovation across industries to avoid excessive reliance on individual sectors in economy that’s prone to overheating

Pipes on racks under led lights to promote the growth of microalgae for extracting the antioxidant astaxanthin at Algalif Iceland ehf. in Reykjanesbaer, Iceland.

Pipes on racks under led lights to promote the growth of microalgae for extracting the antioxidant astaxanthin at Algalif Iceland ehf. in Reykjanesbaer, Iceland.

Photographer: Sigga Ella/Bloomberg

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A part of Iceland’s economic future is growing inside a warehouse on the windswept Reykjanes peninsula in the southwestern corner of the volcanic island.