Regulation No. 1145/2024 on the Grindavík Town Product Fund.

This Regulation regulation implements the law establishing the Grindavík Town Product Fund (Afurðasjóður Grindavíkurbæjar), a state-owned fund designed to provide financial assistance to businesses in Grindavík suffering major indirect losses to food and animal feed caused by natural disasters and related evacuation measures. The regulation details the governance and financing of the fund, including the appointment and powers of its board, funding limits, and the possibility of outsourcing administration. It sets out eligibility conditions for compensation, exclusions where insurance or negligence applies, criteria for assessing damages and determining grant amounts, and procedures for applications, evidence, and decision-making. The regulation also confirms that board decisions are final at the administrative level and establishes procedural rules for handling claims and requests for information.