Icelandic voters have chosen to remain outside the European Union, according to the results of a recent referendum. The decision reflects a rejection of the government’s proposal to reopen discussions on EU membership, with a focus on preserving the country’s valuable fishing waters. The referendum, held on Saturday, saw 52.8% of votes against the government’s plan to engage in negotiations with the EU, while 47.2% were in favor. A high turnout of 82.5% of eligible voters participated in the referendum.

The debate over EU membership in Iceland, which has a population of 400,000, has been ongoing for over a decade. Initially expected to lean towards starting membership talks, recent opinion polls indicated a shift in views among the public. Only the central Reykjavik constituencies showed a majority in favor of negotiations, while rural areas and suburban Reykjavik voted against them.

The government had presented EU membership as a safeguard against trade conflicts and increasing Arctic tensions, portraying the referendum as a critical decision. Prime Minister Kristrun Frostadottir emphasized that a “no” vote would effectively end the discussion on EU membership during her coalition’s tenure.

In Brussels, there were hopes that Iceland joining the EU could enhance the bloc’s credibility and strategic position, particularly amid growing concerns about Arctic security. The debate in Iceland also touched upon the potential security benefits of EU membership, given uncertainties surrounding the US commitment to NATO.

Despite security considerations, many Icelanders prioritized the fishing industry, a significant contributor to the country’s economy. Fishing accounts for 15% of Iceland’s GDP and around 40% of its export revenue. Financial concerns, including high inflation and interest rates, were also central to the referendum discussions. Proponents of EU membership argued that adopting the euro could alleviate economic challenges, as Iceland’s central bank interest rate stands at eight percent compared to 2.25% at the European Central Bank.

Opposition leader Gudrun Hafsteinsdottir, who led the campaign against EU talks, criticized the emphasis on economic benefits, stating that Icelandic politicians should address internal issues. Voter Ragnhildur Skarphedinsdottir, echoing this sentiment, expressed confidence in Iceland’s ability to thrive independently. The debate also focused on fishing quotas, with assurances that Iceland would maintain control over its waters under EU regulations, though skeptics like Hafsteinsdottir raised concerns about potential future restrictions by the EU.