The most common and most likely answer to this crossword clue is the 4 letter word ELBA
I've seen this crossword clue in The Guardian
E
L
B
A
More clues leading to the result ELBA
- Practised around Mediterranean island
- Italian island having the skill to make a comeback
- Island the Spanish sailor recalled
- Rocky, mostly bleak place of exile
- English pound a Napoleonic prison
- Island equipped for revolution
- Mountainous island fit for climbing
- Part of cartel banished to island
- English pound reaches a place of exile
- Island centre for steel bands
Buddy explains!

The straight part
We know that "island" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case island = elba.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.