Birkir Holm Gudnason is former CEO of Iceland Air. In 2008 and 2009 his company experienced its biggest crisis when the major Icelandic banks collapsed leading to a dramatic deterioration in the economy. The result was a lot of passengers cancelling their trips to Iceland and a significant drop in revenues and business. As a company, Iceland Air had to figure out what to do. Visit casenet.ca for more free, open access decision focused video teaching cases from Acadia University.