Now if prisons were in fact "correctional facilities" with the resources skills and programs required to train inmates how to function in a modern civil society the answer would be "maybe".
Even if, as in most societies there is some ambivalence about the functions of prisons, surely Iceland has the right to set its own priorities.
Do you think it will prevent them from committing that crime again?
Do you think that prison will scare other bankers from making the same 'mistake?'
Another thing to mention is that even if Lárus Welding loses his appeal and the six months jail + three months parole sentence is upheld, that doesn’t mean that he’ll actually be in jail for six months.The way incarceration works in Iceland, he’s likely to be out in a halfway house with a GPS tracker on his ankle in two months, and completely free in three, serving the remaining six as parole.And he gets to keep all of the money he made. Which was lots.Baldur Guðlaugsson, the other major conviction mentioned, only served six months out of 24 in prison. [1]
[1] https://studiotendra.com/2012/12/29/what-is-actually-going-o...
And I'm sure they'll have plenty of private companies offering them a job once they get out of 'jail'.