Their inspiration probably comes from being forced into insolvency thanks to getting foolish with their banking system which drove them off the cliff to have debt 5x their GDP.

Story from the Neiman Journalism Lab:

Icelandic parliament is expected to introduce a measure aimed at making the country an international center for investigative journalism publishing, by passing the strongest combination of source protection, freedom of speech, and libel-tourism prevention laws in the world.

The text of the proposal, called the Icelandic Modern Media Initiative, is not yet public, but the most detailed evidence comes from [this] video:

[Note: Date of introduction of bill was January 26th which has been pushed back several weeks to February 16th.]

About the Nieman Journalism Lab:

The Nieman Journalism Lab is an attempt to help journalism figure out its future in an Internet age.