The Faeroes were first inhabited by Irish monks in the year 700 A.D., yet they have remained insular and isolated for over 1000 years. In 1948 the Faeroes were still relatively unknown in the Northern European economic community and were regarded as an underdeveloped nation. The main occupation was fishing, as it still is now. No other primary activities existed other than local fishing and subsistence agriculture. There were no factories or industries. Enormous development has taken place since then and this development has created a demand for an inventory of the Faeroe Island natural resources.