How Much is a Trip to Iceland? 2024 Iceland Travel Budget

Wondering how much it costs to visit Iceland? You’ve come to the right place!

In this article, I have outlined my detailed Iceland travel budget, so that you can see exactly how much a trip to Iceland can cost.

I will go over all the things you need to take into account when planning your trip budget, like accommodation, flights, transport, meals, and activities.

Everyone says Iceland is expensive, but how expensive is it really? And is it possible to visit Iceland on a budget?

This article will aim to answer these questions. So what are you waiting for? Dive in, and discover how much a trip to Iceland will cost you!

Average Cost for 1 Week in Iceland

Iceland is a pretty incredible destination but if there’s one thing that’s putting you off booking, it’s probably the cost of travel in Iceland. 

The country isn’t well-known for being the most affordable destination, in fact without a bit of careful planning you could end up spending way more than you would like. 

So how much is a trip to Iceland for a week? The answer is that it depends on your travel style. You could spend anywhere between 1,000 EUR to 4,000 EUR for a trip to Iceland. 

Thankfully an Iceland budget trip isn’t out of the question, as you can save on things like Iceland food costs, or travel in a group and stay in low-cost accommodation. 

Iceland trip cost: Detailed breakdown

How Much is a Flight to Iceland

One of the biggest parts of your Iceland travel budget is probably going to be flights. But that doesn’t mean that your tickets are going to break the bank. 

The average cost to travel to Iceland by air will vary depending on where in the world you’re traveling from. If you’re based in Europe, then you can be lucky enough to get low-cost flights for as little as 30 EUR.

The only downside is that you’ll need to add the cost of luggage, as low-cost airlines no longer include luggage (carry-on or check-in)! 

And even if you’re only spending a couple of days in Iceland, given the temperatures and crazy Icelandic weather, you will probably need at least a carry-on luggage.

The cost of a vacation to Iceland from further afield, such as from the US, Australia, or Asia, is going to be more expensive.

One way to keep the cost of flights low is by combining your Iceland trip with a longer Europe or US trip.

Many airlines offer layovers in Iceland for a few days at no extra cost, so you could stop in Iceland for a short trip while flying from the US to Europe or vice versa, and combine two trips into one. 

The average flight from America to Iceland is around 550 USD to 1,500 USD, but it depends on where in the country you’re flying from.

Cost of Accommodation in Iceland

Is Iceland expensive to visit? The price of accommodation in Iceland means that it can be.

You could opt to stay in high-end hotels with 5-star amenities but that would mean spending at least 500 EUR a night, especially in the summer months. 

Even booking into a nice but average hotel in Reykjavik will cost at least 200 EUR per night. Elsewhere, in popular destinations like Akureyri, rooms cost an average of 170 EUR a night. 

Thankfully, accommodation in Iceland comes in all sorts of shapes and sizes and there are options when it comes to budget stays.

You can save by camping or traveling by van, although that will be more expensive than a normal car rental.

You can also book yourself into one of the various hostels dotted around the country which cost around 60 EUR a night for a dorm bed.

There are trendy hostels in places like Reykjavik, more down-to-earth places close to natural attractions, and even hostels with volcano views. 

Another thing to think about is that the Iceland trip cost for two is going to be cheaper, as you can split the price of accommodation.

Price of Tours & Activities in Iceland

When trying to work out your travel budget, Iceland’s many amazing natural attractions should not be overlooked.

But you don’t always have to fork out a whole heap of cash to experience the natural world in Iceland. 

Is Iceland expensive for tourists? It all depends on what activities you choose to do. One of the great things about Iceland is that the natural landscapes are free.

Just driving up to epic waterfalls, geysers, or glacier lagoons won’t cost you anything, so you can experience all the amazing nature in Iceland without spending any extra money on activities. 

However, there are some activities that you’ll have to do with a guided tour. For example, if you want to explore Icelandic ice caves, you have to join a tour. 

You can’t just go traipsing into a glacier alone, you have to visit on a tour which costs around 100 EUR per person. 

Another popular activity is whale watching.

They will take you on a tour with a whale watching boat, as it’s the best way to see the marine mammals, but a tour will cost at least around 80 EUR per person. 

Personally, I would suggest only doing organised tours in places or situations where you absolutely cannot do it alone (like exploring ice caves or whale watching).

Many other tours that you will find in Iceland, like chasing the northern lights, or just guided tours to popular attractions like the Golden Circle or South Coast waterfalls, can easily be done by driving there alone. 

You won’t have a local guide to give you information about the places you’re seeing, but you will have saved a considerable amount of cash.

No need to impact your Iceland travel budget on free natural attractions that are safe to explore alone. You’ll still be able to tick off lots of things from your Iceland bucket list even without paying for tours.

Cost of Transport in Iceland

If you’re planning a budget Iceland trip, then you probably want to know more about public transport. The good news is that, although Iceland doesn’t have a rail network, you can get around the country by bus.

Run by a company called Straeto, the bus network operates around the capital and further afield, with a route that even takes you around the Ring Road.

Elsewhere local buses join the dots between small towns and villages in the East and Westfjords. The only thing to take note of is that timetables change from the Summer to the Winter. 

A bus journey in Reykjavik costs 3.20 EUR. Journeys in the countryside are more expensive and depend on how far you are traveling. Similarly the bus from Keflavik Airport to Reykjavik is also more expensive.

There is the option to purchase season tickets for regions which cost around 200 EUR for one month. However, public transport in Iceland isn’t great (don’t expect the regularity or vast routes of London buses for example)!

They tend to only connect main towns, so you’d miss out on all the beautiful waterfalls and hidden spots along the way.

Renting a car in Iceland is a budget-friendly way to explore, especially if you’re traveling in a group. Renting a regular car will cost between 60 EUR to 150 EUR a day but don’t forget to factor in fuel costs on top too. 

Arranged tours are more expensive but can be a good choice – especially if you can’t drive.

Click here to find your perfect car rental in Iceland!

Organised tours of Iceland come in all shapes and sizes. If you join multi-day tours, they will also include hotels and some meals and activities, which means it could work out cheaper overall.

Here are some popular Iceland multi-day tours.

3-Day South Coast Winter Tour with Ice Cave: This tour focuses specifically on the South Coast of Iceland, which personally I think is the most scenic anyway. It’s perfect if you’re short on time.

6-Day Iceland Ring Road Tour: The Ring Road is the famous road that circles Iceland, if you have a bit more time to spare this is a great option to see more iconic Icelandic sights!

8-Day Small Group Circle of Iceland Tour: This tour is perfect for people who have more days and want to see everything that Iceland has to offer, as it visits all the famous sights and more!

Average Meal Price in Iceland

There’s no getting away from it, the cost of a meal in Iceland is expensive and if you’re on a budget, you need to be careful with where you eat.  

But how much does a meal cost in Iceland really? A meal in an average restaurant – for example, vegetable soup, pizza, or a burger – will be at least 25 EUR per dish.

If you want to order something a little heartier like a steak or a fish dish you will be spending anywhere between 30 EUR to 50 EUR. 

Personally we stayed away from fancy restaurants, as we were already shocked by the prices of burgers and soups, so I can’t say the price range for those, but I imagine it will probably cost even more!

The cheapest meals you can get are at gas stations and it will still be around 10 EUR to 15 EUR for a hot dog, chips, savoury pastries, and those sorts of things. 

The best way to save money on food in Iceland is to stay in self-catering accommodation, buy food from supermarkets, and cook for yourself.

But groceries will also be more expensive than in your home country, especially fresh fruit and vegetables!

The most budget-friendly thing you can do is pick up pots of instant macaroni and cheese, ramen, or any dehydrated pot for 5 EUR each, and simply add hot water to them in your hotel room or at gas stations.

They might not be the healthiest option, but they will definitely be the friendliest for your Iceland daily budget.

Iceland Travel Cost, Things to Consider

Now that we’ve looked at exactly how much certain things in Iceland can cost, here are other things to consider when figuring out how much your Iceland trip will cost.

Duration of Trip

Your Iceland trip budget will depend on how long you stay in the country.

The longer your trip, the more money you’re going to spend. It’s not really the sort of destination where “slow travel” is a thing, or at least not for budget travelers.

If you only stay for a few days and plan your itinerary carefully to include lots of great activities in fewer days, then you can keep the cost of your Iceland trip to a much lower price tag.

For example my Iceland 5-day itinerary is perfect for a short winter trip, and covers all the highlights of Iceland’s South Coast.

Group Size

A trip to Iceland for 2 is always going to be cheaper than for solo travelers.

Travelling as a small group will mean you can split the cost of car hire, fuel, and accommodation which will really help to bring the price of your trip to Iceland down. 

A group of 4-5 people would be perfect for budget travel, however, traveling in a group that’s too big could mean you have trouble booking restaurants and accommodation for everyone.

Peak Season vs Off-Season

Travelling to Iceland is amazing no matter what time of year you visit.

Summer brings warmer weather and longer days while the winter months are the peak season for experiencing the northern lights and frozen landscapes. 

Because of this, there isn’t too much of a difference when it comes to Iceland in summer vs Iceland in winter, but January is the low season for travel, and prices can be a little lower than at other times of year. 

Your Iceland Itinerary

Where in the country you’re going will affect how much it costs to go to Iceland. 

Staying in and around Reykjavik can be more expensive than other big towns, but from the capital, you can save on transfers by doing day trips on public transport.

Heading further afield to the east, north, Snaefellsnes Peninsula and the Westfjords is probably cheaper, but it also means longer drives and they’re harder to get to, so you’ll need more days in Iceland. 

Final Thoughts on How Much Is a Trip to Iceland

Iceland is widely recognised as one of the most expensive destinations to visit. But how expensive is it really? I hope my Iceland trip budget guide helped you find an answer to this question!

Having visited Iceland twice, once in summer and once in winter, I had the opportunity to see how much Iceland costs in different seasons.

Unfortunately, it’s always a fairly expensive destination, but it’s still possible to explore it on a budget. If you still have questions about how much it costs to visit Iceland, just let me know in the comments below!

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