This is not a final decision. After negotiating the practicalities of membership, a referendum will no doubt be held. Since the political elite generally is more pro-EU than the people (as in all European countries) and even the politicians were almost evenly divided, chances are there will be no membership unless the EU offers virtually full local control of the important fisheries. This is unthinkable because Spain in particular has been drooling over these resources for decades. So barring a miracle, this will end in acrimony. My native Norway has twice applied for membership in the EU, only to reject the proposed treaty. And rightly so, I may add.
Iceland would have been better served by a closer cooperation with Norway. The island was colonized almost entirely from western Norway, and the Norwegian language is largely a simplified version of Icelandic, which is old Norse with a different pronunciation. The whole population of Iceland is similar to a large Norwegian city, but next to nothing compared to the over 300 million people in the European Union.