This is an image from the famous sinking scene from the movie “Erik the Viking” from 1989. the movie plot is built on the medieval saga of the explorer Erik the Red. In one part of the saga Erik and his comrades arrive at the mystical island Hy-Brasil (or simply Brasil) west of Ireland. But the movie combines this Irish myth with two other popular myths: the sinking of Atlantis and the peaceful Minoan culture in the Mediterranean Sea. In a comic climax, the inhabitants of Brasil cheerfully and confidently drown in the sea.
The scene also obviously quotes the very similar scene from the 1961 movie “Atlantis – The Lost Continent”, that can be found here.
Here is the full video excerpt: