This report comprises the first in-depth analysis on the participation, challenges and opportunities of Icelandic entities in the EEA Grants. The research was conducted for the Institute of International Affairs at the University of Iceland, and overseen by its Acting Director and one of its Project Managers during the summer of 2020, in cooperation with the Icelandic Ministry of Foreign Affairs and the Icelandic Centre for Research. The Icelandic Student Innovation Fund supported the project.