The commander of a failed 1928 Arctic airship expedition is remembering the events of the "Italia" airship flight, crash, and subsequent rescue efforts. The "ghosts" of people involved in the events appear in his memories to assist him in determining his guilt in the affair. The reminiscences are mixed with the real action: the flight of the "Italia", the air rescue operation from Kings Bay airfield, the expedition of the "Krassin" ice-breaker. A sort of human touch is added by the ever beautiful C.C. playing Malmgren's girlfriend.