This is nothing new . Iceland has been living beyond its means for decades. The diminishing value of the ISK has been concealed by the ability of the Iceland central bank to borrow. Now there is no liquidity, and so the currency has collapsed.
For a country with only two exports (codfish and bottled water), this is serious.
the USA can go on in its profligate ways, because the Chinese are still willing to lend us money (they don’t want their trillion USD to go “poof”!)