Admire a developed EU island (7)

I believe the answer is:

madeira

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'eu island' is the definition.
'madeira' can be an answer for 'island' (I've seen this before). I am not certain of the 'eu' bit.

'admire a developed' is the wordplay.
'developed' is an anagram indicator.
'admire'+'a'='admirea'
'admirea' with letters rearranged gives 'MADEIRA'.

Can you help me to learn more?

(Other definitions for madeira that I've seen before include "Atlantic territory" , "Cake - wine" , "drink" , "Atlantic island, famed for its sweet wine" , "cake producer" .)

I've seen this clue in The Independent.

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