The main arguments to consider are no longer purely economical, according to Erlingur Erlingsson, senior visiting fellow with the Institute of International Affairs of the University of Iceland.

“We have warfare in the east, friction in Europe and political instability in many parts of the world and then the development of US foreign policy. This may not be the main argument for joining the EU in my mind but surely something to be considered,” he argued, citing increased security guarantees and better protection against US tariffs as further benefits of membership, reports Bloomberg.

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