Act No. 74/2024 on the Grindavík Town Product Fund.

This law establishes the Grindavík Town Product Fund (Afurðasjóður Grindavíkurbæjar), a state-owned compensation fund created in response to the natural disasters affecting Grindavík. The law aims to support businesses and self-employed operators suffering major indirect losses to food and animal feed caused by volcanic activity and related evacuation measures. It defines eligibility criteria, the scope of compensable damage, and exclusions where insurance or negligence applies. The fund is managed by a three-member board appointed by the government, financed by the state up to ISK 400 million, and empowered to assess claims and grant financial assistance based on the scale of damage and financial capacity of the fund. The law also sets procedures for applications, damage assessment, confidentiality, and authorizes the minister to adopt implementing regulations.