I'm sure there will be different prices on the Icelandic exchange and other exchanges. But when the price gap will become significant I'm sure someone in Iceland will take the arbitrage by exporting or importing AUR between the exchanges. If the price is higher on Cryptcy (or other exchanges), people will export AUR from the Icelandic exchange without any trouble. On the other hand if prices are higher on the Icelandic exchange someone who has income in foreign currency or is traveling abroad and gets to buy USD with ISK, can take advantage of the arbitrage and correct the price by selling the USD for BTC and then later sell BTC for AUR on these other exchanges and ending up with selling AUR for ISK on the Icelandic exchange.
So the only price difference can be a higher price on the Icelandic exchange, but only for limited time periods.
"Lost coins only make everyone else’s coins worth slightly more. Think of it as a donation to everyone". Satoshi Nakamoto