00:01Iceland was supposed to vote on joining the EU in 2027.
00:05But now that vote might happen this August.
00:09But why the rush?
00:11Two words.
00:12Donald Trump.
00:13US tariffs are biting.
00:16And the US president is threatening to annex nearby Greenland.
00:20Perhaps it didn't help that his ambassador nominee
00:23just joke about making Iceland America's 52nd state.
00:27And with such friends around, suddenly Brussels' bureaucracy looks incredibly appealing.
00:34Let's investigate together.
00:36Iceland actually applied to join the EU in late 2000s after its banking system collapsed.
00:42But as the economy recovered, Reykjavik froze negotiations in 2013
00:47and completely withdrew its bid two years later.
00:51The biggest stumbling block today are fishing rights.
00:54Iceland's economy relies on its waters.
00:57And handing over control is a tough sell.
01:00Or at least it was before Brexit.
01:02But for Brussels, Iceland brings massive wealth.
01:06Its GDP per capita is roughly double the EU's average.
01:10But we have to remember their size.
01:13Iceland's population is less than one thousandth of the entire bloc.
01:18Plus, they are already deeply integrated.
01:20And Iceland is a founding NATO member and sits inside the European Economic Area, adopting EU loss without getting a
01:28vote.
01:29But hey, let's look also at the big Arctic picture.
01:34Because Norway uses the same model, Oslo is also in European Economic Area and outside the EU.
01:40And pools show a slim majority still opposes full membership.
01:45And then there is Greenland, which left the EU predecessor in 1985 over fishing quarters.
01:51Today it remains outside the bloc as an autonomous territory of Denmark.
01:56And Donald Trump repeatedly called the EU bad for trade.
02:00But for Iceland right now it seems becoming the 52nd US state.
02:04Sounds a whole lot worse.
02:06So as they say in Reykjavik, Skål!
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