Iceland Votes on Reopening EU Membership Talks Amid Geopolitical Turbulence

Icelanders are voting on whether to reopen negotiations for European Union (EU) membership. The outcome is uncertain, as citizens are almost split in half after a campaign focused on cost of living, security, sovereignty, and control over fishing waters.

Proponents argue that joining the EU could alleviate high interest rates and provide greater security in a world shaken by the war in Ukraine and threats from US President Donald Trump. Opponents, however, believe that EU membership would threaten Iceland's sovereignty and control over its fishing waters.

The debate has been ongoing for decades, with added urgency given to the issue by new geopolitical turbulence. The Icelandic central bank's benchmark interest rate is 8 percent, compared with 2.25 percent at the European Central Bank.