Corrugated iron became a very popular covering for houses in Iceland soon after importing of it started in the late 19th century. While its popularity has waned with the advent of newer types of cladding, it is still the covering of choice for roofs. You can still see many older houses (and new outbuildings and sheds) that are clad in it.
This old house is typical of 1930's and 40's building styles and stands in Hverfisgata in the centre of Reykjavík. When the photo was taken it was sorely in need of painting (still may be - I haven't been in that part of the street in ages).