If Iceland waits one year it can join what is left of the EU if it still wants to. The EU is falling apart, the 700 billion Euro "firewall" is not enough for the 2700 billon debt from all EU memberstates.
Iceland could be attracted by a few "funds" that are available but there is alway's a hook attached, nothing is free in life!
Best thing for Iceland, stay out of the EU, have a trade agreement with the EU and nothing more, it's a distaster in the making and an distater it will become!
Kind regards from Amsterdam, Holland.
A.J. van der Veen