"We don't have any medal plan in the Beijing Olympic Games, but we have a very good handball team and I believe they will at least finish top eight," Thorvardarson said in the Olympic Village after the flag-raising ceremony.

Iceland only earned one silver and two bronze medals in their Olympic history. In Sydney in 2000, Vala Flosadottir became the first Iceland woman to win an Olympic medal when she took the bronze in the women's pole vault. She was also the last Icelander to win a medal in the Olympic Games.

Iceland has sent 27 athletes to Beijing to compete in the athletics, badminton, man's handball, judo and swimming.

Finishing ninth in the Athens Games, Iceland men's handball squad was drafted in pool B in Beijing, together with world champion Germany, European champion Denmark, African champion Egypt, Asian champion South Korea and Russia, bronze medalist in Athens.

Iceland needs to win at least two games to achieve its goal.