[1] The river is the source of an agricultural area in the north of the Interlake, flowing through and supporting the communities of Arborg and Riverton.

[3] The East Interlake Conservation Area has assessed that 81% of the land use of the Icelandic River watershed is used for an agricultural purpose.

[4] The Icelandic River is also one of the most important spawning sites on the western shores of Lake Winnipeg for fish such as walleye, though recreation and agricultural activities have inhibited this capability recently.

In the early days of settlement, the river was the main "road", by boat in summer and by ice in winter.

In spring and early summer, it provided walleye, jackfish, mullets, catfish, and goldeye.