Haha, actually they would and would have to be very ashamed of themselves, as we take such things VERY, VERY seriously. Has to do with protecting the language unspoiled, so we can read 1000 year old sagas without much difficulty. It is, in fact our most important national heritage, the language and thus proper use of it is fiercely protected.
The word basically means Eyja (island) fjalla (mountains) jökull (glacier), and Mýr (wetland) dals (valley) jökull (glacier).
But i understand it sounds all gibbledegukk to english speakers ;)
But the important question is whether the hiddens are in danger?
Seems similar to German in structure, then....with the long compound words?