How much would EU membership cost?

How much would EU membership cost?

To estimate the cost of EU membership it is necessary to take into account: Iceland's direct financial contributions; what Iceland would receive from EU funds; and other costs that could be incurred in parallel with EU membership, such as EEA cooperation.

Please note that some of these factors are veiled uncertainty but would be partly clarified during accession negotiations.

When assessing the potential cost of EU membership, the cost of membership of other EU Member States have been taken into account, such as Finland. Finland's net contribution to the EU amounts to approximately 0.2-0.3% of GDP. On that basis, Iceland's membership costs could be estimated as follows:

• Iceland's GDP in 2025: approximately ISK 5,000 billion.
• Iceland's potential net contribution to the EU: approximately ISK 10-15 billion.
• Current EEA participation costs (which would no longer apply after EU membership): estimated ISK 2-7 billion per year.

An assessment by the think-tank Evrópustraumar from March 2026 estimates ICeland's net contribution at approximately ISK 6-9 billion.

More information can be found on the estimated cost of EU membership in a memorandum (pg. 20) produced by the Ministry for Foreign Affairs for the Althing's Foreign Affairs Committee published 17. april 2026 (in Icelandic).