Between the Faslane ports and the Norway ports there wasn't really that much of a need for a large naval facility there. There was also SOSUS that was based in Iceland, IIRC.
If the balloon had gone up and the mushrooms hadn't immediately followed then Keflavik would have been used to intercept the inevitable Tu-95 and Tu-22M raids into the North Atlantic, likewise the SOSUS relay would have helped track the various Soviet submarine sorties.
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