I would think that 14.7% inflation, interest rates rising out of control and Icelandic Krona dropping against all major currencies ( only about 40% against EUR in the last 6 months) has something to do with the problems Iceland Air has. No money = savings and lay offs. Perhaps the savings have been in the wrong place as Iceland Air maintenance department has been know for very good quality 3rd party maintenance that mostly stays in the allocated budget and timeframe.