Supporters pose for a photo at the opening of the "Yes" campaign office in Reykjavik, Iceland, on Aug 7. JAMES BROOKS/AP

The political stakes are high for Iceland as the country prepares for a referendum on Saturday that could push it closer to membership in the European Union.

Up for discussion is whether the country's center-left government should resume talks on joining the bloc, rather than make an outright decision on membership, but with Iceland having had a fluctuating relationship with the 27-member EU in recent years, it is being presented to voters as a "now or never" choice.

Iceland is the second-largest island in Europe, behind Great Britain, but has a population of less than half a million people, with large areas of its landmass being tundra. It is currently a member of the European Economic Area, giving it access to the European single market but not a say on Pan-European matters. Given its geographic isolation from the continent, fishing rights in its territorial waters are a particularly contentious issue.

"It is quite clear that this vote is about getting a mandate to negotiate," Prime Minister Kristrun Frostadottir, of the Social Democratic Alliance, told the country's parliament earlier this year. "I do not think we should be getting hung up on rhetoric here. We are going to conclude a good agreement. The people will have the first say in this, and they will have the last say in this."