The location of this panorama is right underneath the Rhone glacier on the Furka pass in the Alps of Switzerland.  When you look upwards, you can see the bottom of the glacier and the hotel/tourism office next to the glacier where you can visit the glacier.

As you look downwards, you can see the water run off the glacier and turning into a stream that will eventually turn into the Rhone river, one of the primary contributors to Lake Geneva.  From there, it goes through France and empties into the Mediterranean.