Iceland voted in a referendum on European Union membership. The results rejected the proposal for membership. Critics of the attempts to join the EU cite possible economic disadvantages related to fishing waters. Iceland has the European Economic Area agreement and some question why EU membership is necessary. Based on polling data only 42.7 % were in favor of being part of the European Union. There was a 52.8% that rejected EU membership. The motivation to bring Iceland into the EU is not about economic opportunities for all parties. Rather there seems to be a military purpose. Iceland is a NATO member, yet has not standing army of its own. EU members could seek to station forces there under the excuse of Iceland's security. Iceland is not under threat from any other nation and has no plans to wage war. The reasoning is likely directed at being a base for Arctic competition with the Russian Federation. Iceland has maintained its independence and national sovereignty without EU membership or participating in war. The push to adopt the euro might not benefit Icelanders. Supporters of EU membership see it as a means of solving inflation and high interest rates. EU membership is not going to reduce higher prices. The effect on interest rates would be minimal. Iceland has seen an increase in salaries, so prices on various products are not harming the public. European Union membership would seem more like wealth extraction from Iceland, rather than a beneficial economic partnership.



