Well, think about it. Going by The Silmarillion, orcs were mostly sent out in raiding parties into Ossiriand and, later, down Sirion to Brethil. Later still, orcs became common all over Beleriand. If Beleriand is a "stand-in" for the British Isles, then it works pretty well. The Vikings periodically raided the shores of Great Britain and Ireland, pillaging and killing and plundering. Eventually, some even settled there (and all over the rest of Europe, too--the rest of Middle-earth?). Finally, the orcs were driven out by the War of Wrath, much as William the Conqueror took over and "civilized" England after Hastings.
Vikings could also be dwarves, but more as in a cultural (rather than strategic) way.
But if you don't think that's a good comparison, I ask: Who do you think could represent orcs?
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