Iceland’s prime minister resigns, will run for president

“I have decided to ask to be released from the position of prime minister of Iceland and to stand in the upcoming presidential election,” Jakobsdottir said in a video message according Morgunbladid.

Iceland will hold a presidential election on June 1 to elect its new head of state, a largely ceremonial post with no public policy-making role.

The island nation of almost 400,000 people faces uncertainty after recent volcanic eruptions that triggered the indefinite evacuation of thousands, adding to pressures on an economy already facing high inflation and soaring interest rates.