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costsPrevious to the 2008 financial collapse, Iceland was known as one of the most expensive places in the world. Now…it’s still pretty pricey. Though the collapse and subsequent bankruptcy resulted in a devaluing of the country’s currency, the krona, it still costs a pretty penny to visit this beautiful country. Many hotels and tour companies ask for payment in euros, which keeps the prices high as well.

That’s not to say that you can’t visit Iceland on a budget. You just may need to make a few more sacrifices to stay within your price range. Here are some approximate costs in Iceland. Be aware that costs can vary significantly from high-season to low season and from Reykjavik to more rural areas. These are averages based on low-season in Reykjavik.

The current exchange rate is about 116 kronur per US$1, so 1300 kronur equals about $11.

  • Average hostel bed – 3,000 per dorm bed
  • Average basic guesthouse or inn – 6,500 for a single room
  • Average full-service hotel – 10,000 for a single room
  • Average luxury hotel – 13,400 for a single room
  • Average in-country one – way flight – 8,000
  • Bus fare from airport to Reykjavik – 1,950
  • Cab fare from airport to Reykjavik – 10,000
  • Bus fare within Reykjavik – 280
  • Average bottle of wine at airport duty free – 1,500
  • Average bottle of wine at Reykjavik liquor store – 2,000
  • Average bottle of wine in a restaurant – 6,500
  • Average pint of beer at a bar – 600-700
  • Average hard liquor drink at a bar – 1,800
  • Average hot dog – 300
  • Average casual dining entree – 1,200
  • Average upscale dining entree – 3200-4500
  • Average museum admission – 500
  • Average cost of snorkeling excursion –  15,000
  • Average cost of horseback riding excursion – 10,000

Photo by jff ryn pmr