Initial results of Iceland's referendum have shown a narrow majority backing the reopening of EU membership negotiations as vote counting continues, according to public broadcaster RUV.

The latest result on Saturday showed 46,589 votes, or 50.5 percent, in support of restarting accession talks, while 45,682, or 49.5 percent, oppose the proposal.

Support for reopening negotiations is strongest in the Reykjavik North constituency, where 59.4 percent of voters back the proposal. Opposition is highest in the Southern constituency, where 60.1 percent are against it.

The Southwest constituency, which accounts for roughly 30 percent of Iceland's electorate, was evenly divided.

The campaign was dominated by concerns about the cost of living, security, sovereignty and control of the country's fisheries.

Polling stations closed at 10 pm local time on Saturday after voting began as early as 9 am. Nearly 400,000 Icelanders were eligible to vote.

Not final referendum

The referendum does not determine whether Iceland will join the EU. A majority "Yes" vote would give the government a mandate to resume accession talks. Any eventual membership agreement would require approval in a second referendum.

Iceland applied for EU membership in 2009 after its banking system collapsed during the global financial crisis.

Accession negotiations began in 2010 but were suspended three years later after a Eurosceptic government took office. In 2015, Reykjavik informed Brussels that it no longer wished to be considered an EU candidate.

The European Commission, however, maintains that Iceland's membership application remains legally valid and that negotiations are only on hold, according to a report by the European Policy Centre (EPC).