x86 real-mode machine code for DOS COM, <s>69</s> <s>65</s> <s>63</s> 62 bytes
-----------------------

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

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.
 - [meden](https://codegolf.stackexchange.com/questions/85141/draw-the-national-flag-of-iceland#comment209112_85187), saved two bytes and removed the flickering.

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

    68 00 A0 07 B8 13 00 CD      10 BE 23 01 AD 91 AD 91 
    AC E3 FE 60 30 ED F3 AA      61 81 C7 40 01 FE CD 75 
    F2 EB E9 FA B4 00 00 09      28 B4 46 00 0F FA 28 80 
    57 0F 14 B4 0C 50 00 FA      14 0C 00 64 00 00

 

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

Source is for NASM.  

    

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

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