Italy is 2.9 times larger than Iceland.
Area: 103,000 km2 World Factbook
Population: 317,351 (July 2014) World Factbook
Iceland is a Nordic country between the North Atlantic and the Arctic Ocean. It has a population of 325,671 and an area of 103,000 km², making it the most sparsely populated country in Europe. Wikipedia
Area: 301,340 km2 World Factbook
Population: 61,680,122 (July 2014) World Factbook
Italy, officially the Italian Republic, is a unitary parliamentary republic in Southern Europe. To the north, Italy borders France, Switzerland, Austria, and Slovenia, and is approximately delimited by the Alpine watershed, enclosing the Po Valley and the Venetian Plain. Wikipedia