Ship leaving Iceland, Northern Europe, rapidly first of all (5)
I believe the answer is:
liner
'ship' is the definition.
(as in an ocean liner)
'leaving iceland northern europe rapidly first of all' is the wordplay.
'first of all' says to take the initial letters.
The initial letters of 'leaving iceland northern europe rapidly' is 'LINER'.
(Other definitions for liner that I've seen before include "that's put in bin" , "eg QE2" , "boat" , "Removable inner skin or large passenger ship" , "may be demonstrated by make-up artist" .)