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TOOL · GROSS COST

How much would a basic income cost in Iceland?

Calculate the gross annual cost of paying a monthly amount to the country’s adult and child population.

Adult population 316,028child population 69,635year 2023World Bank WDI

GROSS ANNUAL COST

3,368 million

in ISKISK 3,368,116,800

Equal to 0.1% of reference GDP

Population covered: 385,663 people

Adults: 316,028 × ISK 800 × 12 = ISK 3,033,868,800

Children: 69,635 × ISK 400 × 12 = ISK 334,248,000

ISK 3,033,868,800 + ISK 334,248,000 = ISK 3,368,116,800

Offset benefits, recovered tax, administrative savings and later economic effects are not deducted. This is a gross cost, not a net cost.

Sources and method

Population 2023 · World Bank WDI

GDP 2023 · $31,701,996,434 · World Bank WDI

Currency ISK · exchange rate 137.9430 ISK/USD (2023)

Converted cost $24,416,737 for the GDP share.