From Historic Mysteries:
Hy-Brasil is also spelled Hy Brasil, Hy-Breasal, Hy-Brazil, Hy-Breasil, Brazir, and related variations. It may be the reason that the South American country, Brazil, was so named. The central image on the Brazilian flag, a circle with a channel across the center, is the symbol for Hy Brasil island on early maps.
The name of the mysterious island may come from the Middle Ages term brazil, which seems to indicate a source of rare red dye. The dye may have acquired its name from the legendary island or vice versa. Or, the name, also called the Fortunate Island, may originate with the old Irish word, breas, meaning noble or fortunate. (Read more.)
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