Iceland is about 1.4 times bigger than Panama.

Panama is approximately 75,420 sq km, while Iceland is approximately 103,000 sq km, making Iceland 37% larger than Panama. Meanwhile, the population of Panama is ~4.3 million people (4.0 million fewer people live in Iceland).
This to-scale comparison of Panama vs. Iceland uses the Mercator projection, which distorts the size of regions near the poles. Learn more.

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