Iceland first applied to join the European Union in 2009, in the wake of the collapse of its financial sector, but suspended accession talks in 2015.
Iceland has "nothing to lose" by negotiating with the European Union over membership, French Foreign Minister Jean-Noel Barrot said on Monday, as the country prepares for a referendum on restarting talks to join the bloc.
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"The vote on August 29 does not prejudge anything. Iceland has absolutely nothing to lose by negotiating with the European Union," Barrot said on a visit to Reykjavik.
Icelanders will vote on 29 August, more than a decade after negotiations were suspended. The referendum comes as US President Donald Trump continues to insist to take control of the vast Arctic territory from Denmark.
Icelandic Foreign Minister Thorgerdur Katrin Gunnarsdottir said the EU's support for Greenland during US President Donald Trump's push to take control of the territory had shown Iceland the value of joining the bloc.
"For us it was important to see how steadfast the European Union stepped in and used its power, standing with Denmark and Greenland in that issue," she told reporters.
Gunnarsdottir said NATO member Iceland, which has no standing army, sees joining the European Union as a way to strengthen its security against potential threats from Russia.
Iceland submitted an application for membership in 2009 in the wake of the international financial crisis, which had severely shaken the island's economy. However, in 2015, the Icelandic government decided to leave the negotiating table.