If Norway decided to join the EU in the meantime, then Iceland would likely reopen debates on the matter.

Iceland held a referendum on August 29 to let the people decide if they wanted the Government to reopen talks with the EU to join.

The "No" side has emerged as the winning side, with people living outside of the capital city, Reykjavik, voting heavily in that direction.

Speaking on The Pat Kenny Show ahead of the final result, Ólafur Þórður Harðarson, Professor of Political Science in the University of Iceland, shared that if the "No" side did win, this will be the end of the discussion for now.

He explained: "Both the prime minister and the foreign minister have been saying that if there is a no, and there is a no, that means that the current government will not reopen this issue during the current electoral term. That term ends in 2028.

"But the issue is not dead. It is likely that it will be raised again but that depends to a large extent on the external situation."

One example for speeding up the need to discuss joining the EU again would be if the relationship between the US and Europe continues to worsen, but it's the decision of another country that could be the biggest factor.

"And, the most important factor would be if Norway decided to join,' Mr Harðarson continued. "I know that the Norwegian elite is sort of increasingly saying that a full membership is necessary for Norway. 

"In Norway, a majority of the voters have been opposed to full membership, but if Norway were to join in the next few years, then the European Economic Area Agreement would in fact be dead, because Norway is paying almost all the costs of the EEA infrastructure.

"So if Norway joined, that would be a complete game changer for the Icelanders. So they would have to reopen the debate at that point."

According to RUV, the "No" campaign had secured 52.5% of the vote, with the Yes side on 47.5%, before the last constituency left declared their results.

Main Image: Reykjavik in Iceland Picture by Alanna Dumonceaux/Design Pics via ZUMA Wire