Albion is the island nation of the Conclave of the Elves. For centuries, the elves ruled a world wide empire through sorcerous might and sheer power. The Imperial Elven navy once ruled the waves of Kyor, dispensing justice and taking the resources of others as they wished. The empire's ships were built to not only be the fastest ships, but also to take the greatest advantage of elven magi. As such, the fact that elven magi have largely abandoned the jingoistic policies of the conclave has largely crippled the mighty vessels that once instilled such fear and obedience.
The island of Albion straddles the Feywild and the Prime Material Plane existing in both realities at once. Some say Albion crosses into the Upside-Down as well, but the powers that be would not want to make that publicly known. If an elf born of Albion should ever leave, they forfeit their eternal youth and are destined to grow old and die. However, there are always those driven by poverty, boredom, or love to give up their birthright. The previously feared Elven Empire once ruled the waves of the Serene Expanse from here, but their influence and power is waning as less Eladrin wish to leave their home and give up eternal paradise.
In recent generations the empire has slipped from its preeminent place becoming more and more introverted, rotten and decadent. Few leave the homeland which still relies on the wealth and power hoarded over lifespans. Tiefling and Ogre mercenaries are hired to fill out the ranks of soldiers and sailors who once were the loyal lower castes of elves.
Not unlike Moorcock's Imrryr, the island still holds the secrets of uncounted generations of spellcasters. The power of these forgotten magics range from simple thoughtful enchantments to weapons of mass destruction, but often their purpose, use, and origins are all but forgotten by the elite gold elves that exist in a drug hazed dream of past glories.