Regulation No. 895/2023 on Bjargráðasjóður (Natural Disaster Relief Fund).

This Icelandic regulation governs the Bjargráðasjóður (Natural Disaster Relief Fund), an independent state-owned institution based in Reykjavík, managed by a three-member board appointed by the Minister for four-year terms. The fund’s role is to provide financial assistance or grants to individuals and associations for major damage caused by natural disasters, including damage to taxable real estate, agricultural fences, hayfields, electricity lines linked to agriculture, hay used in agricultural production, and crop failure caused by unusual cold, drought, wet weather or frost damage. Compensation is not available where the loss is covered by ordinary insurance, can be compensated by other means, or results from intent, negligence, inadequate preventive measures, or inappropriate location of the damaged property. The board assesses eligibility, grant rates and the applicant’s own risk share, may adopt published working rules, and may set special rules for particular events. Applications must be submitted in writing as soon as possible and no later than three months after the damage occurs, with information on the nature and extent of the loss. The regulation also covers the fund’s income, financial management, annual accounts and auditing.