x86 real-mode machine code for DOS COM, <s>69</s> 65 bytes
-----------------------

[![Iceland flag produced][1]][1]

The program draw the flags continuously, thus flickering.
The code is meant to be executed as a DOS COM executable.  

Special thanks
--------------

 - [meden](https://codegolf.stackexchange.com/questions/85141/draw-the-national-flag-of-iceland#comment209070_85187), saved four bytes

Machine code (in hex bytes)
---------------------------

    68 00 A0 07 B8 13 00 CD     10 BB 40 01 BE 24 01 AD 
    97 AD 91 AC E3 F6 60 30     ED F3 AA 61 01 DF FE CD 
    75 F4 EB EB 00 00 FA B4     09 46 00 28 B4 0F 80 57 
    FA 28 0F 50 00 14 B4 0C     00 64 FA 14 0C 00 00 00 
    00

Assembly source
---------------

Source is for NASM.  

        ORG 100h
    
    push 0a000h
    pop es
    
    mov ax, 13h
    int 10h
    
    mov bx, 320
    
    _cycle:
     mov si, data
    
    
    _draw:
     lodsw
     xchg di, ax
    
     lodsw
     xchg cx, ax
    
     lodsb
    
     jcxz _cycle
    
     ;al = color
     ;cx = col
     ;dx = row
    
    rect:
     pusha
     xor ch, ch
     rep stosb
     popa
     add di, bx
     dec ch
     jnz SHORT rect
    
    jmp SHORT _draw
    
    
    data: 
            dw 0000h
            db 250d
            db 180d
            db 09h
    
            dw 0070d
            db 40d
            db 180d
            db 0fh
    
            dw 22400d
            db 250d
            db 40d
            db 0fh
    
            dw 80d
            db 20d
            db 180d
            db 0ch
    
            dw 25600d        
            db 250
            db 20
            db 0ch
    
            dw 0000h
            dw 0000h


  [1]: http://i.stack.imgur.com/HhViP.png