The expression "New Iceland" has been used several times and I suppose it is somehow true, we are now living in New Iceland.
There is a blog on the internet New Iceland, which gives an humoristical account of the "news". The purpose of New Iceland blog is as stated on their page:
New Iceland's main goal is to publish to the world - through the glorious Internet - what's really going on in Iceland, the greatest country in the world.
Our devoted and loyal employees are hard at work gathering information from all corners of Iceland with one purpose only - to bring you the truth, the whole truth, and nothing but the truth.