Iceland's unique isolation seems to be both advantageous and disadvantageous. I don't know about their political history or stability, but it seems to me that their culture has been continuous and comparatively stable for a very long time.

While their de jure status and allegiance may be intertwined with powers that govern them from afar, I would speculate that an island locale like Iceland enjoys a lot of de facto autonomy and they can do as they please, being so physically inaccessible.

The distance and political concerns may also be a disadvantage to tenants in their data centers. I can imagine that the inhabitants of Iceland would be reluctant to sell out like this. At the very least, what's going on in the Strait of Hormuz reminds us all that data centers are strategic quasi-military targets, and must be defended and protected by sophisticated military shields, because disabling or destroying them would be decidedly advantageous in wartime.

It's important to keep in mind that "data centers" are largely the aggregation and consolidation of "machine rooms" that used to take space in every corporate campus and every headquarters building (combined with network interchange points); there is a ton of commercial property that's sort of gutted now, as machine rooms migrated to the cloud: not only WFH/remote jobs are affecting the vacancies, but the machines and robots are moving in to live with "roommates" of their own kind nowadays!