The Tourist Site Protection Fund

 
The Tourist Site Protection Fund was established to promote the development, maintenance and protection of tourist attractions and tourist routs anywhere in Iceland, which are owned or managed by municipalities or privately owned and managed. Capital from the Fund shall also be aimed at ensuring tourist safety and protecting Icelandic nature. In addition, the Funds purpose is to increase the number of tourist sites visited by tourists in order to reduce the pressure on frequently visited tourist sites.

Board members 

The Minister of Industry and Tourism shall appoint four representatives to two-year terms on the Tourist Site Protection Fund board. One shall be appointed after the designation of the The Icelandic Travel Industry Association one after the designation of the Icelandic Association of Local Authorities, one after the appointment of a Ministry for the Environment and Natural Resources and one without nomination and shall also act as chairperson.

Each year, the board of the Protection Fund shall make proposals to the Minister regarding Fund allocations. The board's proposals must fit within the Fund's purpose, as defined in the Act on The Tourist Site Protection Fund no. 78/2011. When processing its proposals, the board of the Fund shall both advertise for applications for allocations and take initiative in gathering information from environmental authorities and other stakeholders on the need for developments falling under the scope of the Act.

Implementation

Based on proposals from the board, the Minister shall decide on individual allocations from the Tourist Site Protection Fund.
Fund allocations shall occur once a year, although exceptions may be made in cases of urgent need. Information on allocations from the Fund must be made public.

Stewardship, accounting and auditing

The Tourist Site Protection Fund shall be under the stewardship of the Icelandic Tourist Board, and the Tourist Board shall see to Fund operations including the distribution of Fund allocations, the settling of accounts, bookkeeping and the preparation of annual financial statements.
Allocations from the Fund shall be paid to projects in relation to their progress.

The Fund's fiscal year is the calendar year, and the Icelandic National Audit Office shall be in charge of auditing Fund accounts.

Regulations

The Minister is empowered to issue regulations with detailed requirements for allocations from the Tourist Site Protection Fund.