Hebrew, like Icelandic, is subject to a conscious effort to maintain its character as it modernises. Icelanders want their new vocabulary to stay Norse, as opposed to the far less picky tendencies of everyone else who uses Germanic languages. With Hebrew, it's keeping things Semitic. New words should be derived from Arabic/Aramaic/Maltese/Ethiopian sources before anything else, and if that fails, first go to Persian, Greek or Latin before getting words from English or French.

Icelanders are going to have a harder time of it, because English can worm its way into Icelandic more easily than it can enter into Hebrew. Plus they have less of a critical mass.