Iceland is also called 'the land of ice and fire,' because of its combination of large glaciers and volcanoes.

But there's more to it than breathtaking natural beauty. It is the second least corrupt nation. With 9.6 points out of 10 on the corruption index, Iceland is next only to Finland on this score.

With a score of 4.88, it is the 10th most IT ready nation in the world.

Fishing and fish processing are the most important Icelandic industries. Food products, including fresh and processed fish, account for 75 percent of Iceland's exports.

Iceland's Scandinavian-type economy is basically capitalistic, yet with an extensive welfare system, low unemployment, and remarkably even distribution of income.

Image from the Landsat7 satellite shows the West Fjords in Iceland. These jagged fjords constitute a large portion of Iceland's total coastline.

Photograph: USGS/Getty Images