Iceland is preparing for a referendum to determine whether to begin negotiations for potential European Union membership. The core debate revolves around whether the benefits of EU integration outweigh the potential costs to Iceland’s economic independence. A key concern for Icelanders is the potential need to share their significant national wealth. Crucially, negotiations would likely involve access to and management of Iceland’s valuable fishing grounds, a cornerstone of its economy. The referendum reflects a complex calculation for Iceland, balancing the advantages of access to the EU single market against preserving control over its resources. The outcome will signal Iceland's future direction regarding its relationship with Europe and its economic model. It remains to be seen if Icelanders believe they are currently “too well off” for EU membership, as some suggest.