I'm just glad I'm not one yet.

What the future holds may change that overnight here in the U.S.A. as well.

From Yahoo dictionary (American Heritage Dictionary) we have the following:

Ice·land (slnd) KEY

An island country in the North Atlantic near the Arctic Circle. Norse settlers arrived c. 850-875, and Christianity was introduced c. 1000. Iceland passed to Norway in 1262 and, with Norway, to Denmark in 1380. In 1918 it became a sovereign state still nominally under the Danish king, until Icelanders voted for full independence in 1944. Reykjavík is the capital and the largest city. Population: 280,000.

OTHER FORMS:
Iceland·er (Noun)

Icelandic is also listed in the above referenced dictionary as referring to the people as a whole in the adjective form, but I believe the term for the individual icelandic person is icelander; that is the noun form.

P.