However, as early as 1921 a mission made up of Icelandic special delegates arrived in Spain to negotiate with the Spanish Government the tariffs on cod.

On 17–20 February 2014, the Icelandic president paid a visit to Madrid and Barcelona, in which he held an interview with the King.

From the commercial point of view, Spain is systematically among the top 10 customers in Iceland, due to the massive importation of fish.

This is not the case in the opposite direction, so the trade balance is systematically unfavorable to Spain, with a coverage rate that barely reaches 31%.

The most visited Spanish destination is Canary Islands (24,016 tourists in 2014, with a decrease of −12.8% compared to the previous year).