Iceland Flag T-Shirt - Commemorating the 40th anniversary of Iceland's flag. The flag is based, as are all the Scandinavian flags, on the ancient Danish flag which is available on a t-shirt here. The red represents Iceland's volcanoes, the white its ice and glaciers, the blue the waters of the Atlantic. When Iceland gained its independence from Denmark in 1918 this flag was adopted. Impress Björk with this Icelandic flag t-shirt.