The authors argue that the referendum in Iceland on 29 August 2026 should not be framed as Europe versus isolation. Iceland is already deeply European through the EEA. The real question is whether the existing EEA/EFTA model or full EU accession gives Iceland more protection, influence and stability. EU membership would provide formal co-decision, but the EEA preserves concrete institutional assets: ESA, the EFTA Court, sectorial autonomy, control over fisheries and agriculture, independent trade policy, monetary flexibility and an isolated electricity system.