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No. Though it is geographically closer to North America than it is to Europe, Iceland is considered part of Europe. It marks the border between the North American and Eurasian tectonic plates.
No. Not really. Geographically, tectonically, about half of the Icelandic mainland is, indeed on the North American plate, but the idea of a continent developed long before anyone heard of tectonic plates. Culturally, ethnically, lingually, politically and historically, Iceland is a European country, despite some differences.

But no, Iceland is generally [always] considered part of Europe. Of the Nordic (~Scandinavian) countries, Iceland has the most American influence, but Icelanders are highly indepentent with their own culture.

(Icelandic culture isn't American, and hasn't really been affected by foreign influence.)

But no. European. Not American. However, using strict geographical criteria instead of cultural ones, Iceland is indeed part of North America because it is closer to North America than Europe. Culture has no meaning in a geographical context. Is Australia part of Europe because they speak English there? Of course not. Nearby Canada also has a European culture, but this counts for nothing. Using geographical criteria only, YES, Iceland is part of North America. And so is Jan Mayen Island.

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