Iceland

Iceland had prospered during the war. The immediate post-war period was followed by substantial economic growth, driven by industrialisation of the fishing industry and the US Marshall Plan programme, through which Icelanders received the most aid per capita of any European country (at USD 209, with the war-ravaged Netherlands a distant second at USD 109).
The 1970s were marked by the Cod Wars — several disputes with the United Kingdom over Iceland's extension of its fishing limits to 200 miles offshore. Iceland hosted a summit in Reykjavík in 1986 between United States President Ronald Reagan and Soviet Premier Mikhail Gorbachev, during which they took significant steps toward nuclear disarmament. A few years later, Iceland became the first country to recognize the independence of Estonia, Latvia, and Lithuania as they broke away from the USSR. Throughout the 1990s, the country expanded its international role and developed a foreign policy oriented toward humanitarian and peacekeeping causes. To that end, Iceland provided aid and expertise to various NATO-led interventions in Bosnia, Kosovo, and Iraq.
Iceland joined the European Economic Area in 1994, after which the economy was greatly diversified and liberalised. International economic relations increased further after 2001, when Iceland's newly deregulated banks began to raise massive amounts of external debt, contributing to a 32% increase in Iceland's Gross national income between 2002 and 2007.