| Summary: | Abstract In 2023, we saw increasing instability in Icelandic politics and economy. Increasing tensions could be observed between the three government coalition parties, the Left Greens, the Progressive Party and the Independence Party. While the coalition has been in power since 2017, it includes both the parliamentary party furthest to the left, the left‐socialist Left Greens, and the party furthest to the right, the conservative Independence Party. The government had been united when successfully fighting the COVID‐19 pandemic and was re‐elected in the Althingi elections 2021—a unique success since the bank crash of 2008. But when politics got back to ‘normal’, ideological differences between the coalition parties re‐emerged. High inflation and high interest rates did not help the government. It continued to lose support in the monthly Gallup polls. At the end of the year, only 32 per cent claimed to be government supporters. All government parties lost support. The government losses mainly benefited one of the opposition parties, the Social Democratic Alliance.
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