How Much Does an Iceland Trip Cost? My 12-Day Budget Breakdown

Spoiler alert: this was probably my most expensive holiday ever. In this post, I’ll break down exactly how much my 12-day Iceland trip cost, down to the penny. If you’re planning a trip to Iceland, this should give you a realistic look at how much you can expect to spend per day. Despite my best efforts, the total travel price crept up pretty fast. Brace yourselves, because the grand total can come as a shock!

Disclosure: Some of the links below are affiliate links. When you purchase through links on my site, I may make a small commission (at no extra cost to you!).

Why is Iceland so expensive?

Iceland is pretty remote (it is an island, after all). Its distance from other countries and its rugged, inhospitable terrain make importing things necessary and expensive.

Luckily for the people that call Iceland home, the standard of living is extremely high. Wages are generally pretty competitive and make the sticker shock a bit less obscene. For us tourists, though, the prices of food, accommodation, and petrol are much higher than we’re used to back home.

My travel style

When I traveled

I came to Iceland in June, aka the start of the peak summer travel season. During the summer, prices on flights, accommodation, and activities can skyrocket.
I do think, however, that summer is the absolute best time to visit Iceland. The weather is better, you can take advantage of the midnight sun, and most campsites/roads/attractions will be open. For those reasons, the higher prices are worth it to me!

What this cost includes

I’ve included everything I spent money on while in the country, as well as some that I purchased beforehand (namely, flights and insurance).

I wasn’t necessarily trying to travel on an extreme budget, but I do like saving money where I can. Car camping was a no-brainer for me because it is wildly cheaper than staying in hotels. I didn’t limit my restaurant meals or activities — if I want it, I got it (yolo).

What this cost doesn’t include

Because you may or may not already own these items, I decided not to factor them into my total trip cost. I bought a new rain jacket and a heavy duty portable charger especially for this trip, but I know that I’ll get good use out of them afterwards as well.

• Essential hiking gear (backpack, hiking poles, hiking boots, outdoor-appropriate clothing)
• Photography gear (camera, drone, tripod)
• Road trip essentials (charging cables, phone mount, etc.)

Ways I could have lowered my Iceland trip cost

• I didn’t do any cooking on this trip. When I bought groceries, they were all prepackaged and/or ready-to-eat type foods. Cooking more of my meals would definitely have saved me money!
• I splurged on both the Blue Lagoon and the Sky Lagoon in Reykjavík (no regrets). If I were sticking to a tighter budget, I would probably choose one or the other.
• I didn’t realize that my rental car didn’t come with a sleeping bag. Out of laziness, I bought one from the rental agency. Could I have found one cheaper somewhere else? Probably, but the convenience was honestly worth it.
• If I were really smart, I would have bought a pack of beer from the supermarket instead of buying them individually at the bar.

My 12-day Iceland trip cost

International flights & travel insurance

Total pre-trip cost — $142.35 USD

Since quitting my job as a flight attendant (and losing my flight benefits, RIP), I’ve been met with the harsh reality of having to actually scour the internet for cheap flights.

Thankfully, Iceland is one of those destinations where you can regularly find deals from the USA. Using a combination of Google Flights and Skyscanner, I was able to find a deal for roundtrip flights ORD-KEF for $450. From there, I booked my flights on the Chase Ultimate Rewards portal so I could use my credit card points.

The best way to quickly earn credit card points is to take advantage of sign-up bonuses. I applied for the Chase Sapphire Preferred card because they were offering an extra 100,000 bonus points for spending $4,000 in the first 3 months. By spending how I normally would and paying the balance off immediately, I was able to earn over $1,250 to spend on travel for practically nothing. 🎉

Roundtrip flights from Chicago with Air Canada — $0

• The flights originally cost $453.78 USD. I ended up redeeming 36,302 Chase Ultimate Rewards Points, making the flights completely FREE!

Travel insurance with World Nomads — $142.35 USD

• I got the most comprehensive coverage (Explorer plan).
• If you can’t afford travel insurance, you can’t afford to travel!

Transportation within Iceland

Total transportation cost — 286,856 ISK = $2,219.68 USD

Oof. Unfortunately, there really is no way to get around the cost of transportation within Iceland. If you don’t rent a car, your options are limited to guided tours or public transportation (which can only get you so far).

Rental car with a rooftop tent from Northbound — 212,365 ISK = $1,650.79 USD

• I paid for the cheapest model, a 2015 Suzuki Jimmy, which ended up breaking down on the first day (lol). I was then upgraded to a Suzuki Vitara for the rest of my trip.

Fuel — 70,541 ISK = $538.79 USD

• I drove a total of 2,467 km (1,533 mi)! During that time, I never let my tank go below half full — that’s why there are so many stops.
• There are two major gas station companies in Iceland: Orkin and N1. I got all of my fuel from N1 (for no particular reason).
• Individual stop breakdowns
  • Stop #1 — 5000 ISK = $37.69 USD
  • Stop #2 — 5000 ISK = $37.69 USD
  • Stop #3 — 7970 ISK = $60.08 USD
  • Stop #4 — 7656 ISK = $58.35 USD
  • Stop #5 — 9384 ISK = $71.52 USD
  • Stop #6 — 8877 ISK = $67.65 USD
  • Stop #7 — 8423 ISK = $64.19 USD
  • Stop #8 — 8054 ISK = $61.38 USD
  • Stop #9 — 10,177 ISK = $77.73 USD

Parking & tolls — 3,950 ISK = $30.10 USD

• Parking #1: Skoli Volcano — 1,000 ISK = $7.58 USD
• Parking #2: Svartifoss Trail — 750 ISK = $5.65 USD
• Parking #3: Kirkjufell — 700 ISK = $5.34 USD
• Toll #1: Vaðlaheidi tunnel one-way to Akureyri — 1,500 ISK = $11.43 USD

Accommodation

Total accommodation cost — 21,465 ISK = $164.14 USD

I decided to get a car with a rooftop tent and stay in campsites over hotels/Airbnbs. This ended up being way cheaper in the long run!

Individual campsite prices

• Night 1: Reykjavík Campsite — 2,550 ISK = $18.99 USD
• Night 2: Skjól Camping — 1,500 ISK = $11.43 USD
• Night 3: Vík Camping — 1,850 ISK = $13.95 USD
• Night 4: Höfn Campsite — 2,000 ISK = $15.08 USD
• Night 5: Hengifoss Guesthouse Camping — 1,800 ISK = $13.57 USD
• Night 6: Camp Egilsstaðir — 2,000 ISK = $15.24 USD
• Night 7: Camping Mývatn — 15€ cash (no card reader) = $15.73 USD
• Night 8: Hvammstangi Campground — 1,500 ISK = $11.43 USD
• Night 9: Campsite Ólafsvík — 1,700 ISK = $12.96 USD
• Night 10: Skjól Camping — 1,500 ISK = $11.43 USD
• Night 11: Skjól Camping — 1,500 ISK = $11.43 USD
• Night 12: Happy Campsite Keflavik — 1,500 ISK = $11.43 USD

Food & drinks

Total food & drinks cost — 35,843 ISK = $274.23 USD

I split my food up into three categories: groceries from the supermarket, meals/coffees out, and alcohol. (Alcohol is its own category because it would skew the other groups!)

My grocery shops were always a combination of prepackaged salads or sandwiches, bakery items, skyr (Icelandic yogurt), fruit, cookies, or chips.

Groceries — 7,868 ISK = $59.95 USD

• Stop #1 — 985 ISK = $7.43 USD
• Stop #2 — 1,013 ISK = $7.64 USD
• Stop #3 — 1,750 ISK = $13.33 USD
• Stop #4 — 1,495 ISK = $11.39 USD
• Stop #5 — 2,625 ISK = $20 USD

Eating out — 20,185 ISK = $154.34 USD

• Hot dog from Baejarins Bestu Pylsur — 610 ISK = $4.63 USD
• Tomato espresso tonic, tomato soup, and green tomato + apple pie from Friðheimar — 5,390 ISK = $41.70 USD
• Mozzarella sticks from Gulfoss Cafe — 990 ISK = $7.66 USD
• Langoustine pizza from Black Crust Pizza Vik — 3,590 ISK = $27.06 USD
• Oat milk flat white from Skool Beans Cafe Vík — 800 ISK = $6.03 USD
• Cappuccino from machine at Fjalladýrð Kaffi — 560 ISK = $4.27 USD
• Cappuccino and croissant from LYFT in Akureyri — 1,180 ISK = $8.99 USD
• Cappuccino from machine at Hraunfossar Cafe — 400 ISK = $3.05 USD
• Medium pizza from Skjól Cafe — 2,800 ISK = $21.33 USD
• Cappuccino from machine at Gulfoss Cafe — 550 ISK = $4.19 USD
• Fries from Skjól Cafe — 1,200 ISK = $9.14 USD
• Vanilla cinnamon roll from Brauð & Co — 575 ISK = $4.40 USD
• Oat milk flat white from Kattakaffihúsið — 740 ISK = $5.66 USD
• Cashew milk iced latte from Joe & the Juice Keflavik Airport — 800 ISK = $6.12 USD

Alcohol — 7,790 ISK = $59.59 USD

• Gull beer at Sky Lagoon — 1,300 ISK = $9.95 USD
• IPA from Skjól Cafe — 1,400 ISK = $10.55 USD
• Gull beer at Black Crust Pizza Vík — 1,390 ISK = $10.48 USD
• Gull beer at Myvatn Nature Baths — 900 ISK = $6.86 USD
• IPA from Skjól Cafe — 1,400 ISK = $10.55 USD
• IPA from Skjól Cafe (yes, again) — 1,400 ISK = $10.55 USD

Activities & extras

Total activities & extras cost — 40,630 ISK = $309.56 USD

• 10GB SIM card from airport — 2,950 ISK = $22.36 USD
• Sleeping bag from Northbound car rental — 6,500 ISK = $49.35 USD
• Sky Lagoon — 9,990 ISK = $76.94 USD
• Entrance fee to Kerid Crater — 400 ISK = $3.09 USD
• Myvatn Nature Baths — 5,900 ISK = $44.95 USD
• Turf House Museum ticket — 1,700 ISK = $12.95 USD
• Ticket to Hallgrimskirkja Tower — 1,200 ISK = $9.18 USD
• Blue Lagoon — 11,990 ISK = $92.40 USD

Grand total = $3,109.96 USD

Daily cost = $259.16 USD

Is visiting Iceland worth the cost?

Absolutely! While this was a very expensive trip for me (especially going solo), I wouldn’t have changed anything. The unreal landscapes I saw and incredible experiences I had were more than worth the hefty price tag.

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Thanks for reading this Iceland budget breakdown! Was it more or less than you were expecting? Let me know in the comments below!

xoxo Niki