The report states that increasing global temperatures are likely to have a largely positive effect on the quantity and variety of plant life farmers will be able to cultivate.
Changes in snow patterns and sea levels will likely pose challenges to the country, however.
The report states that the country may have to change its entire farming practices to adapt to changes in climate; including new plant diseases and changes in winter weather.
Some other scientists predict, however, that if the warming Gulf Stream stops in the future, Iceland and Northern Europe could in fact become much colder than they presently are.
The Gulf Stream could theoretically stop, as it relies on delicate salt balances in the seawater which can be disturbed by large amounts of fresh water entering from melting ice.