Iceland price check

Greetings.

I'm going to Iceland for a week this Wednesday (12/11). It all happened so fast I haven't had time to do much research. My main concern is money. I've read mixed reports about the prices. Some say it's incredibly cheap, others that it's not.

I hope someone will help me decide for myself by posting some price examples.
How much for...
- Budget accommodation
- Meals (budget restaurant or grocery stores)
- A pint of beer in a bar
- A pack of cigarettes
- One of those nice sweaters

Is there a main backpacker hangout in Reykjavik?

Thanks,
Morten
Denmark

• Budget accommodation
  -> http://www.hostel.is/displayer.asp?cat_id=86

  • Meals (budget restaurant or grocery stores)
    -> Burger and fries (1000isk/1500isk)

    -> Pasta/pizza (2000/3000isk)

  • A pint of beer in a bar
    -> around 700isk

  • A pack of cigarettes
    -> I don't smoke so I cannot help you.

  • One of those nice sweaters
    -> from about 10000 isk in the store on Skólavörðustigur.

Wow that was fast. Thanks a lot man. I really appreciate it.

Morten

http://www.xe.com/ucc/ is a great tool to do currency conversions.

For comparison, ISK 700 for a pint of beer is about USD $5.40. Still expensive by some standards, but when i went in 2005, it was the equivalent of USD $9.00.

Prices have indeed dropped.

The icelandic krona is now 1/3 of what it was only a few months ago.

Remeber too that you can get a tax rebate on items you purchase (like a sweater or other non-commodity items). Just save the receipt and you get that money back at the airport when you leave.

Iceland is not cheap, but right now it is cheaper... For budget accomodations, look into guesthouses. Buy your alcohol and cigs from the duty free shop when you land.

What would a typical itinerary be like for someone wanting to travel to Iceland in the Summer (or during the "best" month) for outdoor activities? How many days for the entire trip and where to go?

Hi-I was in Iceland 10 days after the currency collapsed, I think October 18-21. We were there just 3 1/2 days but I can tell you we stayed at a Fossotel hotel chain and the rooms were 40% off the rack rate, I paid 180 euros for a double for 3 nights with breakfast. The restaurants I found to be VERY expensive, 70 Euros or so, and that was ordering very carefully. The cafes had better prices. So my main advice is dont get trapped in the restaurants, we did because we were freezing and tired.

Other than the restaurants, I found it to be very inexpensive at this time, especially when you consider that normally Iceland is one of the most expenive places in the world after Norway. We were able to have a good time on a budget. Do a tour with Reykjavik Excursions, it is definitely worth the money and a great way to see a little bit of Iceland when you have just a few days like we did,

Have fun!!!