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Nordic does not equate to Scandinavian. If it did, one would just call it Scandinavian.
There is Scandian, Fennoscandian, Baltoscandian, and there is Nordic.
Estonians do not consider themselves scandinavians, estonians consider themselves nordic - while others seem to understand that to mean 'northern'. Estonians make the distinction between northern and nordic, but the latter does not equate with scandinavian. There is a very specific word designation for nordic in estonian and finnish languages: Põhjala / Pohjola. Northern Europe would be 'Põhja-Euroopa', which is not the same as Põhjala.
As to the nordic and Nordic, it is the same as to internet and Internet.
There can be Internet and Internet2, just as there can be Nordic and Nordic2. The meaning of nordic should be more general and hence more stable.
Also, while nordic can exist without a continent designation, northern can not. Northern is always either Northern Europe, Northern Asia or Northern America.
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