Reykjavik, Iceland Can Bust Your Budget — Here’s What To Expect

reykjavik budget

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Everyone is going to Iceland. So many people are going to Iceland, in fact, that prices are at a premium. It’s hella expensive to hang out in Reykjavik compared to some of our favorite budget destinations around the world, even if the flight prices to get there are super fantastic. Here’s what you should expect.

Eat: $50 to $150 a day

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Food is so pricey in Reykjavik. Even the cheap eats will cost you, and who wants to eat budget pizza on vacation? Expect to pay at least $20 for an okay meal and closer to $40 for a good one. At Restó, a popular “affordable” option for travelers, you’ll pay about $38 for pan-fried salmon with barley, mushrooms and port wine sauce.

Drink: $0 to $50 a day

Alcohol taxes make drinking a major drain on your travel funds in Iceland. You’ll likely pay $10 for a beer and a hefty bit more for a cocktail. Honestly, we recommend taking a dry trip here if you’re on a tight budget or setting aside some cash specifically to drink.

Sleep: $40 to $250 a day

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A hostel will cost you anywhere from $30 to $70 a night. Yes, $70 for a bed in a dorm room. Hostels in Reykjavik at high season are crazy expensive. You might have better luck finding budget accommodations on Airbnb, where you can discover $30 private rooms and $70 entire homes.

For a decently rated hotel, you can expect to pay upwards of $100 (likely closer to $200 or $250 during the high season).

Play: $3 to $100 a day

The good news is that your free time in Iceland probably won’t cost much. If you’re looking to spend some time in the wild, there are plenty of hiking trails accessible by public transportation. That means you only need bus fare (about $3 per ticket) and hiking snacks.

If you want to hit the Blue Lagoon, the famous spa just outside Reykjavik, it’ll be a bit more. Like, a lot more. It’s $35 to just get into the Blue Lagoon. If you want to book any special treatment, you’ll pay a steeper price.

Total: $93 to $550 a day

Yes, that seems like a lot compared to the budget vacation of your dreams. But if you do some fun travel math, the small amount you pay to fly to Iceland helps balance out the larger costs once you’re there.


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