The estimated cost of living in Iceland, calculations made by the Icelandic Student Loan Fund, is about ISK 140,600 per month for one person. You can expect the rent for a single room will be at least ISK 50,000 per month.

The following is a rough estimate of expenses for a single person living in Reykjavík, all in Icelandic Kronas (ISK):

  • Bus fare from Keflavík Airport to Reykjavík: 1,950
  • Overnight stay at a hostel: 3,200-5000+
  • Rent for a single room: 74000+ depending on location
  • Access to a swimming pool: 600
  • Movie ticket: 1,350
  • Theatre: 4.750+
  • Daily newspaper: 425
  • Public bus ticket: 350+
  • Bus card valid for a month in Reykjavík: 9.300
  • Loaf of bread: 400
  • Litre of milk: 150
  • Half a litre of beer at a café: 850+
  • Bottle of wine: 1,600+
  • Lunch at a restaurant: 1,800+
  • Dinner at a restaurant: 3,500+
  • Litre of petrol: 250+

NOTE: the list is subject to change

You can also find information about costs in Iceland  here