The Icelanders are likely to veto restart EU accession negotiations in a referendum on Saturday. According to data released by the Icelandic National Broadcasting Corporation RUV, after the preliminary statistics of most votes were completed, the party that opposed starting negotiations led by a narrow margin of 50.1%, with supporters accounting for 49.9%. The main opposition votes have not yet been counted, and the official results will be announced on Sunday afternoon local time. Icelandic Prime Minister Kristallen Frostadottier said earlier this week that joining the European Union would help the country expand trade and reduce the cost of living for businesses and residents. According to World Trade Organization data, two-thirds of Iceland's exports went to the European Union last year, accounting for only 9% of exports to the US. Iceland's inflation has been above the central bank's 2.5% target since 2020, and the country's 8% interest rate is the highest in Western Europe. Once the accession negotiations are rejected by a referendum, it will be highlighted that for Iceland, which has the highest per capita income in the world, it is quite difficult to argue the benefits of joining the Union from an economic perspective. It has been more than 30 years since the last country joined the European Union to become a net contributor.

The Icelanders are likely to veto restart EU accession negotiations in a referendum on Saturday. According to data released by the Icelandic National Broadcasting Corporation RUV, after the preliminary statistics of most votes were completed, the party that opposed starting negotiations led by a narrow margin of 50.1%, with supporters accounting for 49.9%. The main opposition votes have not yet been counted, and the official results will be announced on Sunday afternoon local time. Icelandic Prime Minister Kristallen Frostadottier said earlier this week that joining the European Union would help the country expand trade and reduce the cost of living for businesses and residents. According to World Trade Organization data, two-thirds of Iceland's exports went to the European Union last year, accounting for only 9% of exports to the US. Iceland's inflation has been above the central bank's 2.5% target since 2020, and the country's 8% interest rate is the highest in Western Europe. Once the accession negotiations are rejected by a referendum, it will be highlighted that for Iceland, which has the highest per capita income in the world, it is quite difficult to argue the benefits of joining the Union from an economic perspective. It has been more than 30 years since the last country joined the European Union to become a net contributor.