The KMT consortium has identified the following potential funding sources to deliver on the ambition:
• Individual partners
• National governments
• Major science-supporting agencies
Members of the KMT consortium are committed to proactively seeking funding from their respective national governments and engaging them in the high-level infrastructural enterprise. The enterprise will be jointly governed by the participating countries in cooperation with Iceland as the hosting country.
Similarly, the KMT consortium members are committed to raising funds through proposals to major funding agencies including EU/H2020, UK/NERC, US/NSF, USGS, USDOE, INGV, DFG. Landsvirkjun holds an exclusive right over the geothermal resources in Krafla area and is responsible for all aspects of exploration and exploitation activities in the area. That right cannot be transferred to a third party as stated above, but Landsvirkjun is authorized to permit surveying to a third party.
The Krafla Magma Testbed will improve the effectiveness of the hundreds of millions of dollars we invest globally in volcano disaster protection. It will help national civil protection and hazard monitoring agencies to be more efficient and reduce the uncertainty in forecasting. It will also help organisations like the World Bank, who need to understand the risks associated with new projects.