While the benefits of the EU for countries that are somewhat economically weak (and I include Czechia to the list) are obvious, Iceland is a different story. Ic

While the benefits of the EU for countries that are somewhat economically weak (and I include Czechia to the list) are obvious, Iceland is a different story. Iceland would be joining a union that is, on average, both less rich and less economically dynamic than Iceland. This could be economically disadvantageous for them; and being very far from the EU core, there aren't that many network effects to benefit from.