Travel budget and cost of living in Iceland how much does a trip cost?

Travel budget in Iceland

Iceland: calculate your travel budget

Iceland: sample budgets by traveller type

These example budgets assume a 2-week holiday in Iceland for 2 people.

* Estimated local budget for 2 people for 2 weeks. This represents an average across the country (budget may vary depending on the city or region visited).

Cost of living in Iceland in 2023

Cost of living: Iceland VS United States

On average, the cost of living in Iceland in 2023 is 32% higher than in the United States (USA).

The graphic below shows the percentage of variation between prices United States in in the United States (USA) and United States by types of expenses:

Cost of living in Iceland by city

See the table below for the variation in the cost of living in different cities in Iceland compared to the national average.

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Local prices in Iceland by expense type

Iceland: Restaurant budget

Lunch

$ 20/person
($ 13 to $ 35)

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2% more than in the United States (USA) Average price in the United States (USA): $ 19

3 course dinner

$ 57/person
($ 39 to $ 77)

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42% more than in the United States (USA) Average price in the United States (USA): $ 40

McDonald's meal

$ 16/person
($ 13 to $ 18)

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54% more than in the United States (USA) Average price in the United States (USA): $ 9.9

Local beer

$ 9.1 for 500ml
($ 7.6 to $ 12)

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67% more than in the United States (USA) Average price in the United States (USA): $ 5.5

Imported beer

$ 2.7 for 330ml
($ 2.3 to $ 3.8)

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25% less than in the United States (USA) Average price in the United States (USA): $ 3.7

Cappuccino

$ 4.5/cup
($ 3 to $ 6.8)

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11% less than in the United States (USA) Average price in the United States (USA): $ 5.1

Fizzy drink

$ 2.6/can
($ 1.9 to $ 3.8)

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4% more than in the United States (USA) Average price in the United States (USA): $ 2.5

Water bottle

$ 2/bottle
($ 1.6 to $ 3.1)

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3% more than in the United States (USA) Average price in the United States (USA): $ 2

Iceland: Hotel and accommodation budget

1-star hotel

$ 155/night
($ 146 to $ 165)

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23% more than in the United States (USA) Average price in the United States (USA): $ 126

2-star hotel

$ 143/night
($ 112 to $ 201)

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2% less than in the United States (USA) Average price in the United States (USA): $ 146

3-star hotel

$ 193/night
($ 134 to $ 272)

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7% less than in the United States (USA) Average price in the United States (USA): $ 208

4-star hotel

$ 309/night
($ 217 to $ 459)

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2% more than in the United States (USA) Average price in the United States (USA): $ 305

5-star hotel

$ 1004/night
($ 886 to $ 1121)

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54% more than in the United States (USA) Average price in the United States (USA): $ 653

Hostel/Youth Hostel

$ 133/month
($ 102 to $ 175)

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2% more than in the United States (USA) Average price in the United States (USA): $ 131

Room with kitchen

$ 309/month
($ 196 to $ 496)

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57% more than in the United States (USA) Average price in the United States (USA): $ 198

Hotel with swimming pool

$ 208/month
($ 173 to $ 261)

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12% more than in the United States (USA) Average price in the United States (USA): $ 187

Cottage or guest house

$ 140/month
($ 104 to $ 199)

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44% less than in the United States (USA) Average price in the United States (USA): $ 250

Family room

$ 308/month
($ 205 to $ 513)

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61% more than in the United States (USA) Average price in the United States (USA): $ 192

Iceland: Supermarket food budget

Milk

$ 1.6/litre
($ 1.3 to $ 1.8)

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35% more than in the United States (USA) Average price in the United States (USA): $ 1.1

Bread

$ 3.2/500g
($ 2.2 to $ 6.1)

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9% less than in the United States (USA) Average price in the United States (USA): $ 3.6

Rice

$ 3.1/kg
($ 1.8 to $ 5.7)

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31% less than in the United States (USA) Average price in the United States (USA): $ 4.5

Eggs

$ 5.6/12 eggs
($ 4.3 to $ 8.7)

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32% more than in the United States (USA) Average price in the United States (USA): $ 4.3

Chicken

$ 18/kg
($ 14 to $ 22)

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33% more than in the United States (USA) Average price in the United States (USA): $ 14

Apples

$ 3.2/kg
($ 1.9 to $ 6.1)

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37% less than in the United States (USA) Average price in the United States (USA): $ 5.3

Tomatoes

$ 4.5/kg
($ 2.4 to $ 6.5)

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9% less than in the United States (USA) Average price in the United States (USA): $ 4.9

Potatoes

$ 2.6/kg
($ 1.6 to $ 3.8)

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10% less than in the United States (USA) Average price in the United States (USA): $ 3

Water bottle

$ 1.8
($ 0.8 to $ 3.8)

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14% less than in the United States (USA) Average price in the United States (USA): $ 2.1

Iceland: Public and private transport budget

Bus ticket

$ 3.7/ticket
($ 3.5 to $ 4.5)

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36% more than in the United States (USA) Average price in the United States (USA): $ 2.7

Taxi (per km)

$ 2.5/km
($ 1.9 to $ 3.8)

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38% more than in the United States (USA) Average price in the United States (USA): $ 1.8

Petrol

$ 2.3/litre
($ 1.8 to $ 2.6)

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108% more than in the United States (USA) Average price in the United States (USA): $ 1.1

Taxi (initial pick-up charge)

$ 5.6
($ 5.3 to $ 8.4)

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45% more than in the United States (USA) Average price in the United States (USA): $ 3.8

Car hire

$ 26/24hrs
($ 9.6 to $ 354)

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34% less than in the United States (USA) Average price in the United States (USA): $ 39

Iceland: Leisure activity budget

Cinema

$ 14/ticket
($ 10.6 to $ 20)

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0% less than in the United States (USA) Average price in the United States (USA): $ 14

Tennis

$ 34/hr
($ 24 to $ 47)

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64% more than in the United States (USA) Average price in the United States (USA): $ 21

Iceland: Budget for clothes and price of cigarettes

Cigarettes

$ 12/pack
($ 10.6 to $ 16)

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19% more than in the United States (USA) Average price in the United States (USA): $ 9.9

Levi's jeans

$ 118
($ 63 to $ 153)

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128% more than in the United States (USA) Average price in the United States (USA): $ 52

Summer dress

$ 53
($ 29 to $ 122)

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29% more than in the United States (USA) Average price in the United States (USA): $ 41

Plane ticket budget

London → Reykjavik

$ 131
(fair price: $ 116)

Dublin → Reykjavik

$ 214
(fair price: $ 192)

Manchester → Reykjavik

$ 242
(fair price: $ 205)

New York City → Reykjavik

$ 541
(fair price: $ 428)

Edinburgh → Reykjavik

$ 234
(fair price: $ 196)

Los Angeles → Reykjavik

$ 855
(fair price: $ 735)