Somewhat ironically, Iceland might be the country best suited by nature to handle the cold that would descend upon the Nordics if the gulf stream collapsed. At least they have plenty of volcanic heat they can use. My home country Sweden is not so lucky. Sure it's located a fair bit further south, but it's not clear that'll be enough to escape the cold. Yet the Swedish government seems wholly oblivious. Even the opposition is silent on this issue.
Kudos to the Icelandic! I wish you well in this endeavour!
Feel like I should mention the other end of this problem too: if the gulf stream stops heating the Nordics, it also stops bringing cold water from the Arctic to the gulf of Mexico. The heat waves will be absolutely epic. The Caribbeans, Florida and Mexico ought to be more worried too. In my armchair opinion, this will go way beyond nice beach days.