Facts
Size
The Faroe Islands are located roughly halfway between Norway and Iceland.
With 1,400km² of area, the Fareo Islands are roughly half the size of Luxembourg. Longest distances east-west is roughly 67km. Longest distance north-south on the main island is roughly 46km, and 105km if you include the islands south of Tórshavn.
Population
The Faroe Islands are a self-governing country within the Danish Realm. Population of the Faroe Islands is approx. 50,000, of which 19,000 live in the area of its capital, Tórshavn. Second largest town is Klasvík with 4,600 inhabitans, at 26km distance from Tórshavn (straight line). All other towns on the main islands are within 50km distance of Tórshavn.
Economy
13% of Faroe Island's income is economic aid from Danmark. Over 80% of the export is fish and fish-related products. 5% export is ships & boats.
Infrastructure
The infrastructure has developed a lot, 80% of the population is connected by tunnels though the mountains and between the islands, as well as bridges. The ferry between Iceland and Danmark visits Tórshavn, which is the only way of getting there besides airplanes.
Analyses
Size
The Faroe Islands are tiny, it'd be hard enough to fit Tórshavn in it. Adding a second town or any of the landscape will be near impossible, since the towns are simply too close to each other. The only advantage is that the Faroe Islands are completely surrounded by sea, which allows the mapper to make the island bigger than it really is. A slightly out-of-proportions Faroe Islands will probably go unnoticed, but even when made double-size, the country will be extremely small.
Population
People were already skeptical about Iceland, but the population numbers of the Faroe Islands are far worse. Tórshavn is the largest town with 19,000 citizens, and the population of the whole Faroe Islands fits into Reykjavík twice!
Economy
The fact that the Faroe Islands rely on Danish economic aid indicates that the Faroe Islands are the opposite of an economic powerhouse. As for transporation, it's probably pretty irrelevant, considering the European scale of ProMods. The fact that export pretty much exists only out of fish, this further limits the different companies that could be added. EuroGoodies is probably the only food-related ingame company. (Unless you want to use eAcres as fish-farm).
Infrastructure
A few small roads, that's pretty much all there is. To make things even worse, there's no other country close to the Faroe Islands. The only way to get on or off the islands is a very long ferry trip. And the ferry Iceland-Danmark takes a stop at Tórshavn, but it's the very same ferry. Thus it makes no sense to enforce drivers to transfer at Tórshavn.
Possibilities
Unfortunately, I see little possitibilities for the Faroe Islands. Tórshavn could fit in the map, but what purpose would that city serve? Adding companies to Tórshavn would mean any job from/to Tórshavn includes a long ferry time. And without companies, why would anyone take a stop at Tórshavn? Keeping Tórshavn small would perhaps allow a second village to be made, but even smaller than Tórshavn. But that still is pretty much nothing at all. Perhaps Tórshavn could be used as a stepping stone to Iceland. Jobs to Tórshavn would at least get drivers halfway the ocean. Perhaps the Faroe Islands could be used for some kind of easter egg?
Reasons to include Faroe Islands
- A stepping stone to/from Iceland, cutting ferry times in half
- Without the Faroe Islands, we can never say we have made every country in Eruope.
- It's a small project.
- There have been requests to add the Faroe Islands.
- It's irrelevant, both in size and economic importance.
- It requires a new bunch of assets for a very tiny country (similar to Liechtenstein)
- There's not enough space to provide enough services (companies, etc)
- There's no Google Streetview.
and i expect some news about what the next version will include 
