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Although Iceland's minimum wage is high, it is not the highest in Europe, since Denmark's wages are even higher.
If you compare the combined wages and benefits total in Europe to America, you'll notice that Europe, on average, is actual cheaper than the southern United States, which is lower than the rest of the country.
"Average" though is meaningless in Europe because there is an enormous gap between the lowest paid and the highest-paid countries. People in Bulgaria only get $6 per hour, including benefits, while workers in Denmark get $49.
There is widespread corruption in Bulgaria, incidentally, which caused the country to be ranked as the most corrupt in the European Union in 2018.
As a corollary, the countries that are ranked the LEAST corrupt are the same ones that have higher wages - and Iceland is one of the countries in that group.