“At a time when the threat of nuclear arms is again increasing, the Norwegian Nobel Committee wishes to underline that this threat must be met through the broadest possible international cooperation. This principle finds its clearest expression today in the work of the IAEA and its director general.”
Or the nuclear ambitions of Iran. The only reason that ElBaradei isn't exiled to Zimbabwe is that North Korea withdrew from the NPT, making it none of the IAEA's problem. When Iran has nuclear weapons a year from now and you see the beginning of the complete nuclearization of the Middle East, this will look like giving the Nobel Peace Prize to Neville Chamberlain.