There are five rounded corners which represent the elements; earth, wind, fire, water and ether. The rounded corners and repition stand for movement of the sea and air, stratum, the Icelandic highlands and the circle of life. The first shape protects the ones inside and together they form a kind of flower that represents the beauty of nature and why we need to protect it.
The colors are saturated colors of nature; blue for the sky and ocean, green for the land and life in the sea and orange for the highlands.