Iceland is 234,091 times larger than Vatican.
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: 0 km2 World Factbook
Population: 842 (July 2014) World Factbook
Vatican City, officially Vatican City State, is one of the last six remaining absolute monarchies whose territory consists of a walled enclave within the city of Rome. It has an area of approximately 44 hectares, and a population of around 840. Wikipedia