The Harpa Ef­fect

Harpa plays a vitally important role in Icelandic society, both directly and indirectly. The benefits to society include increased value creation, job growth, higher tax revenues, and broad induced economic effects.

Harpa's economic impact, the "Harpa Effect," is far more extensive than what is reflected in the company's annual accounts.

This report discusses the economic impact of Harpa Concert Hall and Conference Centre in Reykjavík, Iceland. It considers all activities taking place in Harpa. It accounts for the direct, indirect, and induced effects of its operations, including those on nearby service providers and tourist arrivals in the country.

Findings reveal that Harpa's economic impact is substantial, bringing in an annual
value creation, or value added, of ISK 10 billion (€67.1 million), alongside total tax revenues of ISK 9 billion (€60.4 million).

What is particularly striking is that this amount is more than 15 times higher than the specific operating grant Harpa currently receives from public funds, provided by both the Icelandic state and the City of Reykjavík. Furthermore, approximately 650 jobs can be directly and indirectly linked to Harpa's vibrant operations.

While the report focuses primarily on the financial aspects, it is essential to remember that Harpa's incredible impact extends far beyond its monetary value. Its broader impact on society and culture cannot be fully captured in such numbers alone.