Abstract
The article is an attempt of showing how the global economic crisis has influenced the Icelanders attitude towards the European Union membership. The possible consequences of the accession for Iceland and the European Union as well are also presented. It was untill 2008 that the Icelanders had not considered the matter of European Union membership, the more so the prospect of adopting the euro. It turns out that the global economic crisis, which affected the Icelandic economy really badly, changed the goverment's and Icelandic society attitude towards integration with European Union to a large extent. In July 2009 Iceland officialy applied for the membership in the European Union. However, it turned out quickly that the fears about securing the crucial sectors of Icelandic economy in the future accession treaty are beginning to dominate.