How Expensive Is Iceland – Everything You Should Know

How Expensive Is Iceland - Everything You Should Know
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To help you better plan your trip’s budget, find out how much a trip to Iceland would cost. How much does Iceland cost? How does the Icelandic currency look right now? Discover our guide to spending and saving money in Iceland by reading on.

Iceland is incredibly pricey. The vast majority of supplies must be imported because Iceland is a small, isolated island. The majority of Iceland’s fresh produce is grown and imported elsewhere.

Rent a cheap vehicle and look through Iceland’s widest range of hostels if you want to take a road trip around the nation. To make the most of the land of ice and fire, look for the cheapest flights to Iceland if you haven’t already done so.

Is It Expensive to Travel to Iceland?

No, traveling to Iceland is generally affordable.

The cost of traveling to Iceland is relatively low (or even free! ), thanks to a new wave of low-cost airlines like Norwegian and Wizzair as well as Iceland’s own national carrier, Icelandair, which offers free stopovers in Iceland.).

Flights from the UK begin at 29 pounds ($29) each way, while those from the US begin at $129 each way. That’s pretty reasonable right? Right.

How Expensive Is Iceland - Everything You Should Know

How Expensive is Iceland: at a Glance

Not sure what to anticipate in terms of prices in Iceland? Check out this brief guide.

These are current because I took them on my most recent travels in 2018.

ItemAverage Cost in Icelandic Krona (ISK)Average Cost in British Pounds (£)Average Cost in US Dollars ($)
Double Room in Three Star Hotel in Reykjavik 1st July22,500150200
Double Room in Three Star Hotel in Reykjavik 1st December15,000100130
Double Room in Four-Star Hotel Ranga 1st July52,000344450
Double Room in Four-Star Hotel Ranga 1st December60,000400520
Car Hire (Per Day)4,5003040
Full Insurance for Car for 3 days8,2505775
Fuel (Full Tank on Economy Car)7,5005065
Campervan Rental (Per Day)17,000115150
Lunch for Two from a Supermarket (With Snacks)3,0002026
Pint of Beer in a Restaurant / Bar1,10079
Glass of Wine1,10079
Coffee and cake for two in a cafe3,0002026
Dinner for Two with One Alcoholic Drink Each in Mid-Range Restaurant Reykjavik6,5004555
Handmade Icelandic Sweater23,500160200

General Food Prices

Other than the fact that Iceland is probably somewhat expensive, gas prices don’t really say much about the country’s overall costs.

Knowing the prices of items like milk, bread, and fruit, for instance, is helpful if you plan to travel around Iceland in a camper van or while camping (which is a great way to reduce costs).

The most affordable store in Iceland is the Bónus supermarket. Ironically, Iceland’s grocery store is frequently the most expensive. The second-lowest priced option is Krónan. The most common supermarket in Icelandic towns (aside from Bónus) is Kjörbúðin, but it is also one of the priciest.

How Expensive Is Iceland - Everything You Should Know
  • Whole milk (1 litre): Prices range from $1.5 – 1.7
  • Bread (samlokubrauð): $4.9 – 5.6 (sourdough bread can cost up to almost $8)
  • Red apples (per apple): between $0.5 – 1.1
  • Hamburger meat (4 in a pack with bread): $8 – 10
  • Icelandic hot dogs (5 in a pack): $3.8 – 7.5
  • Chicken fillets (1kg): $14-22

Restaurants in Reykjavik

One of the most crucial things to do when in Iceland is to eat the cuisine of the locals and visit restaurants. We invite you to join us on a Food Lovers tour to sample delicious Icelandic cuisine with interesting people!

If you eat out every night, it quickly adds up since a meal at a budget restaurant in Reykjavik costs anywhere from $15 to $31.

In a mid-range restaurant, you will have to fork over between $80 and $200 for a three-course meal.

Alcohol in Iceland

Since alcohol is expensive in Iceland, we always advise visitors to spend their allowance at the Duty-Free store once they arrive. You can use one of Iceland’s liquor stores if you don’t have the opportunity to do that. Icelandic general supermarkets do not stock alcohol. Every beer there is 2.25% or less in alcohol content.

Lastly, and most expensively, there are the bars. But if you take advantage of the numerous happy hours that are available, you can go out without breaking the bank. Even an app is available, which we strongly advise you to download. Alternatively, you could visit each craft brewery as you made your way around the island.

Beer is typically sold in 0.5-litre portions at bars, and its regular price (excluding happy hour) is between $9.3 and $11.

What Are the Rent and Salary Like?

How Expensive Is Iceland - Everything You Should Know

So this is where things start to get a little tricky. Housing costs in Iceland are rising quickly. Since there is no rent control here, the rent increases with them. However, other nations undoubtedly experience the same issue, so it entirely depends on where you’re from.

For instance, a 1-bedroom apartment in Reykjavik City Centre typically costs around $1650. In contrast, the same type of apartment in New York City runs about $3300.

In Reykjavik City Center, a three-bedroom apartment will run you about $2300, while outside the city center, it will cost you about $1950.

It can be difficult to rent on your own with an average salary of $3800 (after taxes). The majority of salaries fall between $2800 and $4000 (after taxes).

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