Iceland to cut film fund

cinemaIceland’s filmmakers have been left shocked by the news that the country is set to cut its national film fund budget by about 40 per cent. The plans, announced by the Icelandic government last week, would mean the film budget is cut from $8.42m to $5.17m as of next year.

Icelander Baltasar Kormakur, who directed the hit movie 2 Guns, has joined other Nordic filmmakers in stressing their shock an

Iceland’s filmmakers have been left shocked by the news that the country is set to cut its national film fund budget by about 40 per cent.

The plans, announced by the Icelandic government last week, would mean the film budget is cut from $8.42m to $5.17m as of next year.

Icelander Baltasar Kormakur, who directed the hit movie 2 Guns, has joined other Nordic filmmakers in stressing their shock and dismay at the Icelandic government’s recent decision.

Kormakur said it came as a terrible shock for those working within the Icelandic film industry. He admitted that everyone expected some cuts, but spoke of his surprise that they are going to be so big, noting that they are bigger cuts than any other culture field.

As well as his larger budget English language movies, including Contraband and 2 Guns, Kormakur still makes films in his native language, with the most recent being The Deep, a real-life survival tale. Many of his local movies are financed by the Icelandic Film Fund.

The Directors Guild of Iceland, the Icelandic Film Makers Association and the Association of Icelandic Film Producers issued a joint statement about the reductions, claiming they would have a negative effect on the local economy.

They pointed out that a report in 2011 based on how film subsidies impact the economy found that public investment in local films led to a turnover return of five times the amount invested. They also estimated that the budget cut will mean around $5m will be lost in tax revenue in 2014.

d dismay at the Icelandic government’s recent decision.

Kormakur said it came as a terrible shock for those working within the Icelandic film industry. He admitted that everyone expected some cuts, but spoke of his surprise that they are going to be so big, noting that they are bigger cuts than any other culture field.

As well as his larger budget English language movies, including Contraband and 2 Guns, Kormakur still makes films in his native language, with the most recent being The Deep, a real-life survival tale. Many of his local movies are financed by the Icelandic Film Fund.

The Directors Guild of Iceland, the Icelandic Film Makers Association and the Association of Icelandic Film Producers issued a joint statement about the reductions, claiming they would have a negative effect on the local economy.

They pointed out that a report in 2011 based on how film subsidies impact the economy found that public investment in local films led to a turnover return of five times the amount invested. They also estimated that the budget cut will mean around $5m will be lost in tax revenue in 2014.