Iceland is considering holding an accelerated referendum on whether to reopen negotiations for membership in the European Union, Politico.eu reported, citing two sources familiar with the country’s preparations for joining the EU.

The referendum on resuming negotiations on EU membership was expected in 2027, but according to the publication’s sources, it could be held as early as August this year. The Icelandic parliament is expected to announce the date of the referendum in the next few weeks.

One source said that if the country’s residents vote “yes”, they could join the EU before any other candidate country. Iceland is a member of the European Economic Area and the Schengen free movement area, so many EU laws already apply there. At the same time, sources warn that the road to EU membership may not be easy.

“The EU accession process could face very serious domestic political obstacles in the later stages,” noted former Icelandic President Gudni Jóhannesson.

“On paper, it shouldn’t be that difficult; it could take just a year to close all the chapters of the negotiations,” an EU official said. But a person familiar with the situation in Iceland warned that such a timetable would be overly ambitious, given the complexity of some elements of the negotiations. Another referendum would be necessary for Iceland to actually join the EU.

Iceland applied to join the EU in 2009 at the height of the financial crisis. But as the country’s economy began to recover rapidly, the government froze the talks in 2013. In 2015, Iceland requested that it no longer be considered a candidate country for the EU. However, the geopolitical situation has changed significantly over the past decade.