The current administration in Reykjavik billed the referendum as a ‘now or never’ moment that would shield the nation from trade wars and Arctic rivalry.
Brussels was said to have been keen to welcome a new ‘wealthy member’ and had even outlined a willingness to compromise on thorny issues to facilitate accession, including access to Iceland’s productive fishing waters.
EU officials viewed the island as a low-risk case that could have helped to ease scepticism toward enlargement of the bloc and strategically strengthen it at a time when Arctic security is in focus.
The key points of contention ahead of the referendum centred around Iceland’s sovereignty and fishing, over which the country wanted to retain exclusive control.
EU Enlargement Commissioner Marta Kos said: ‘Iceland’s unique specificities on fisheries and agriculture are well known. They would have to be carefully considered.
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