Act No. 73 on the Icelandic State’s wwnership of seabed resources.

This Act declares that the Icelandic State owns all non-living organic and inorganic resources on, in or beneath the seabed beyond the foreshore zone and as far as Iceland’s sovereign rights extend. The Environment and Energy Agency is responsible for promoting research, collecting and disseminating information, advising authorities on rational and efficient use, and preparing long-term plans for seabed-resource exploitation. Exploration and extraction require written permits from the Agency; exploitation permits may last up to 30 years, may involve fees or rent, and must comply with marine and coastal spatial planning, environmental-impact-assessment requirements and conditions designed to prevent pollution and damage to terrestrial and marine ecosystems. The Act also provides for regulatory requirements on permit terms, environmental and safety measures, monitoring, data reporting and supervision, allows administrative appeals, authorises daily fines for failure to provide required data, and makes violations punishable by fines or imprisonment for up to two years.