"It is the least populous of the Nordic countries and the second smallest; it has a population of about 313,000 and a total area of 103,000 km². Its capital and largest city is Reykjavík."
http://en.wikipedia.org/wiki/Iceland

"Reykjavík.... With a population of 118,000, it is the heart of Iceland's economic and governmental activity.
...
Today, Reykjavík is the centre of the Greater Reykjavík Area which, with a population of 200,000, is the only metropolitan area in Iceland. As a highly modernised capital of one of the most developed countries in the world, its inhabitants enjoy a first-class welfare system and city infrastructure."
http://en.wikipedia.org/wiki/Reykjav%C3%ADk

So, basically, it's a country of one largish town.

Funny history & finally:
"In 1941, responsibility for the occupation was taken over by the United States Army. On December 31, 1943 the Act of Union agreement expired by its terms after 25 years. Beginning on May 20, 1944, four days of voting were conducted in a plebiscite on whether the union with Denmark should be renewed, or a republic should be established.[17] The vote was 97% in favor of the latter, and Iceland formally became an independent republic on June 17, 1944, with Sveinn Bjornsson as the first President. The occupation force left in 1946. Iceland became a member of NATO on March 30, 1949, amid domestic controversy and riots and on May 5, 1951, a defense agreement was signed with the United States -- American troops returned and stayed as part of the defense agreement throughout the Cold War and until autumn 2006."
[first wiki link]

Basically no one generally wants to live there- and I think you want to immigrate there it's not very easy to do.

Yet:
"Iceland has no standing army. The U.S. Air Force maintained four to six interceptors at the Keflavík base, until 30 September 2006 when they were withdrawn. Iceland supported the 2003 invasion of Iraq despite much controversy and condemnation in Iceland. Iceland also participated in the Invasion of Afghanistan and the 1999 bombing of Yugoslavia."

And:
"Poles make up the far largest minority nationality (see table on the right for more details), and still form the bulk of the foreign workforce. About 9,000 Poles now live in Iceland, 1,500 of them in Reyðarfjörður where they make up 75 percent of the workforce who are building the Fjarðarál aluminium plant.[1]. The recent surge in immigration has been credited to a labor shortage because of the booming economy."

Basically they a bunch of fisherman, with huge surpluses of available energy- hence, why an aluminum plant makes sense. With all that energy they will probably end up making huge amount of aluminum- as long as the don't resent having all the money throw at them [all that money might distract them from the more important task of fishing- and of course might make people more interested in moving there and add to the HUGE big of the current immigration.]