Falkland Islands (Islas Malvinas) is about 8 times smaller than Iceland.

Iceland is approximately 103,000 sq km, while Falkland Islands (Islas Malvinas) is approximately 12,173 sq km, making Falkland Islands (Islas Malvinas) 11.82% the size of Iceland. Meanwhile, the population of Iceland is ~357,603 people (354,405 fewer people live in Falkland Islands (Islas Malvinas)).
Tip: This to-scale comparison of Iceland vs. Falkland Islands (Islas Malvinas) uses the Mercator projection, which distorts the size of regions near the poles.