Until the collapse of its banking sector last year, Iceland was one of the world’s wealthiest nations per capita; it now joins the ranks of Albania, Bosnia- Herzegovina and Armenia as the only countries in Europe that have no McDonald’s presence.

The US fast-food giant stated it was ending its investment in the Nordic country – home to just 300,000 citizens – due to a “very challenging economic climate”. Because most of the ingredients have to be shipped in from Germany, it has meant a doubling in costs since the Icelandic krona collapsed, creating what McDonald’s termed a “unique operational complexity”.

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