Iceland lies on the Mid-Atlantic rift.  The North American tectonic plate is seen on the left (northwest), and the Eurasian tectonic plate on the right (southeast).  The rift slides off Iceland into the Atlantic Ocean a few meters to the southeast of this spot.

It is an interesting place...  the tectonic plates are separating by about two centemeters per year and more land is being added to Iceland right here.  No one is around and the only sound is the ocean surf.