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Amazing view of Snæfellsnes across Faxafói bay by way of Quad Bikes in Iceland - Twin Peaks Quad Tour

Prices in Iceland in 2024

Updated in May 2024 to reflect prices in Iceland in 2024.

Prices in Iceland have been increasing more rapidly during the ongoing global economic flux. In global comparison, the prices in Iceland are relatively high. We took a look at the prices in the main consumer categories like food, drinks and fuel and travel related such as accommodation, day tours and activities. 

Accommodation Prices in Iceland

For tourist accommodation, Iceland has limited availability in the summer months, as most accommodation is already booked. In our example, we search for accommodation for two adults and one child (10 years old). When this was written in May 2024, 77% of accommodation in the capital area on Booking.com was unavailable in the first week of July (first to the seventh). The lowest price for accommodation with a rating was at Víðines Guesthouse, for a family room with shared bathroom for 1,110 USD/1,024 EUR. The lowest price in the “superb” (9+ out of 10) rated category was Renovated well located Townhouse in Reykjavík for 1349 USD/1245 EUR. The prices are lower in some places in the countryside. If our imaginary family of three heads to Ísafjörður in the Westfjords, they can get accommodation at Mánagisting Guesthouse (rated 6.9 out of 10 on average) in the first week of July for 929 USD/857 EUR.

If we head over to Airbnb to look for accommodation for the family in the capital area for July 1-7, the lowest price we can find is 761 USD/711 EUR in Garðabær (around 10 km from downtown Reykjavik). The lowest prices outside the capital are lower, e.g. a room in Rif (Snæfellsnes peninsula) for 474 USD/437 EUR.

The Cost of Day Tours & Activities

Here you can find a great variety of day tours and activities for your stay in Iceland. Some of the most popular day tours and activities in and from Reykjavík currently cost somewhere between around 50 EUR/54 USD and 320 EUR/346 USD:

Most private tours will currently cost upwards of 466 EUR/505 USD:

More economic alternatives such as visiting museums or FlyOver Iceland could cost from around 29 EUR/31 USD to 38 EUR/41 USD:

Transportation and Car Rental Prices

The most widely used public transportation are the city buses in Reykjavík. The cost of a single trip for an adult within Reykjavík is 630 ISK (4.2 EUR/4.5 USD). A card for 24 hours unlimited trips costs 2500 ISK (17 EUR/18 USD) while you can get unlimited trips for three days (72 hours) for 5600 ISK (37 EUR/40 USD). A 30 days card is available for 10400 ISK (69 EUR/75 USD). You can also use the city buses to get to and from the international airport in Keflavik (KEF) for 2280 ISK (15 EUR/16 USD). The schedule is available on straeto.is. 

A more convenient and frequently running option to get to and from the airport is the Flybus, with BSÍ Bus Terminal as its base in Reykjavík, but you can also get straight to or from hotels downtown via their shuttle service. Airport Express drives between the airport and Reykjavík Terminal in Skógarhlíð 10.


What about car rental? Similar to accommodation, a lot of the cars are already booked for the summer. We took a look at the same period as for accommodation, the first week in July (1st to 7th). A five-seat Dacia Duster SUV is available for 81,481 ISK (540 EUR/585 USD) and for a similar price you could also get these 5-seat cars:

  • Toyota Auris
  • Toyota Corolla
  • Suzuki Vitara
  • Ford Focus
  • Volkswagen Tiguan
  • Volkswagen Golf
  • Peugeot 2008
  • Mazda 3

Food Prices in Iceland

Food prices have been increasing in Iceland as everywhere else due to rising inflation levels globally. This year, we have covered the prices of common food items in grocery stores, dishes in popular restaurants and beer in stores as well as restaurants.

Starting with food from grocery stores, this is what you can expect to pay for common items:

  • Whole milk (1 L) – 210 to 247 ISK
  • Bread (500 g) – 399 to 719 ISK
  • Bananas (1 kg) – 320 to 321 ISK

More detailed information about grocery prices in Iceland.

In popular casual dining restaurants, here are examples of what you can expect to pay:

  • Fish of the day at Snaps Bistro: 4930 ISK (33 EUR/36 USD)
  • Icelandic lamb sirloin: 6290 ISK (42 EUR/45 USD)
  • Icelandic lamb meat soup at Café Loki: 4600 ISK (31 EUR/33 USD)

More detailed information about meal prices in Iceland, including fast food and fine dining.

You might also want to have something to drink besides tap water which is fresh and comes with no extra charge. These are examples of drink prices at Forréttabarinn, a restaurant we can recommend:

  • Small beer (33 cl) – 1200 ISK (8 EUR/9 USD)
  • Large beer (50 cl) – 1600 ISK (11 EUR/12 USD)
  • A glass of house wine (white or red) – 1650 ISK (11 EUR/12 USD)
  • Soda (25 to 33 cl), e.g. Pepsi, 7UP or sparkling water – 500 ISK (3 EUR/4 USD)
  • Cocktail of the month – 2450 ISK (16 EUR/18 USD)
  • Espresso – 450 ISK (3 EUR/3 USD)
  • Coffee Americano – 550 ISK (4 EUR/4 USD)

These drink prices are similar to what you can generally expect to pay at casual dining restaurants. You might also wonder how much you can generally expect to pay for a beer in Iceland. We’ve got you covered.

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