Iceland under pressure

This winter, the back-end of last winter (with that cold spell in February) and the winter of 1962-3 all have something in common. Apart, that is, from their obvious coolness. They all involve the absence of the usual "Low" over or near Iceland.

Here it is (thank you, South Downs Hang-Gliding!) in its natural habitat:
Wind, like the mythical Haggis in that joke about it always having to run round mountains clockwise because its left legs are longer than its right, blows clockwise around the Highs and anticlockwise around the Lows: in other words, that Iceland Low brings in lukewarm damp weather from the Atlantic. But now all that's gone, and in its absence we get to share in the sort of winter they have in mainland Europe: land cools down more than sea does. Wind that blows off this cool land comes up against the damp air over the sea, but instead of rain we get snow.

Meanwhile, somehow or other the good people of Iceland have to muddle along without their usual Low. Or indeed without their once-highly-successful banks. Banks whose returns were so high that HMG insisted any local Council not using them as a repository for their spare cash was in need of investigating, capping and probably The Lash to boot.

The banks' collapse seems to have caused the instantaneous disappearence of some 3 thousand million pounds, and of course that begs the question, who should pay? Depositors who thought they'd get "something for nothing"? HMG, who forced local authorities to use the banks because the numbers looked good? Us, the voters, who insisted on local councils offering "Value for Money"? The Icelandic government, who forgot to regulate their banks? Or the average Sigurd or Rúna who, indirectly and very temporarily, enjoyed the profits and must now vote on whether or not they want to give up something like £10,000 each?

I can see where the idea came from for that superstition about not being caught pulling a silly face when the wind changes direction.