Fáskrúðsfjörður in the East Region is one of the most interesting small villages in Iceland. It is one of the few small villages that survived the negative consequences of the fishing quota system, created by the Icelandic government late in the 20th century. The fishing quota was a milestone in the lives of many towns and villages as the legislation ruined the economic foundation for many of them. Through an admirable resistance led by the local cooperative society in Fáskrúðsfjörður, the town never gave away their quota, and thus still has a strong economic base in the fishing industry. In recent years tourism has increased after a remarkable renovation of the old French hospital. The hospital is now a hotel and a fascinating museum, about the harsh live of the French fishermen late in the 19th century who came fishing by the coast of Iceland. In recent years, many of the residences have renovated their houses and because of the historical connection to French fishing men and France, all of the streets are named both in Icelandic and French.