Certainly, many of the character in ME are very reminiscent of characters from Norse mythology. Caracaroth, for example, has a lot in commom with Fenrir, right down to biting off someones hand (In Caracaroth's case, Beren, in Fenrir's, Tyr). Somewhat more tenuously, Roac (the Raven in the Hobbit) may have something in common with Hugin and Munin, Odin's messenger ravens. As the head of basically demons of fire Gothmog (the Balrog, not the Nazgul) may have its orgins in Surtur, lord of Muspelheim. At least that how I see some of it
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