Iceland Thrives Without EU Membership: What Does This Mean for Its Future?

Iceland is often considered one of the most successful nations in the world, but it has achieved this status without being a member of the European Union. The country's unique situation and ability to make decisions for itself are key factors in its success.

Fishing and fisheries have played a central role in Iceland's economy, generating exports, employment, and investment. In fact, the country's natural resources built modern Iceland, with fishing at its heart. New Icelanders, people who have moved to the country from other nations, are also an important part of this success.

The experience of Ireland, another island nation considering EU membership, is particularly relevant for Iceland. Ireland has benefited from special protections negotiated for small fishing nations, but these can come under pressure when the interests of other member states are involved. The lesson for Iceland is that its fisheries and marine resources deserve serious consideration.

Iceland's ability to make decisions for itself gives it flexibility in managing its natural resources. During the 2020/21 fishing year, the country increased the allowable catch by 8,000 tonnes, bringing the additional amount forward from the following year's allocation. This decision was made quickly and effectively due to Iceland's proximity to its decision makers and institutions.