How much does a meal out in Iceland cost?
Eating out is relatively expensive (the average plate will cost between 15 USD and 30 USD), so the locals consider restaurant dining a treat instead of a regular occurrence. If you're going to be eating out in Iceland every night of your stay, expect your expenses to soar.
| Item | ISK (average) | Price in GBP (approx) |
|---|---|---|
| Bottle of water | 287 | £1.70 |
| Main meal, inexpensive restaurant | 2,538 | £15.00 |
| Three course meal for two at a mid-range restaurant (excluding wine) | 15,000 | £89.00 |
| Domestic beer (half litre) | 1,200 | £7.10 |
If you're travelling to Iceland you will need to budget for approximately £90 per day per person or £630 per week to include meals and excursions. If you plan lots of excursions, you may need to increase your budget.
The average price per serving of home cooked meals is $4.31 – while the average cost of eating out is $20.37.
The offer of the century (one 120g burger, fries, and soda) costs 2290 ISK, and a chicken burger meal costs 2690 ISK. A family offer (2 regular burgers, 2 children's burgers, large fries, 2 L soda, and 2 dipping sauces) costs 5950 ISK.
Most meals at dinner will be at least 40-50 USD. It's not uncommon to find a 3-course menu that costs 150-200 USD in a restaurant in Reykjavik. Hotels often have a set menu price, which will often start from 5000 ISK (45 USD).
In terms of casual dining, you could get a fish of the day at Snaps Bistro for 4930 ISK or a lamb shank at Salka Valka for 3800 ISK. If you are thinking about fine dining, you could get for example a beef tenderloin at Grillmarkaðurinn for 9990 ISK or a 3 course menu of the day at Geiri Smart for 9500 ISK.
| Description | Average cost in ISK | Average cost in GBP |
|---|---|---|
| 3-course meal for 2 at a mid-range restaurant in Reykjavik | 15,000kr | £86.54 |
| Fast food combo meal (McDonald's or similar) | 2,000kr | £11.54 |
| Regular cappuccino | 620kr | £3.58 |
| Domestic beer (from a restaurant) | 1,295kr | £7.47 |
Average Iceland Trip Cost
The average trip to Iceland cost adds up to about $300-350 per person, per day including airfare. (Based on current exchange rates) This assumes budget airfare, budget accommodations, limited organized activities, self-driving, and being careful in your food choices.
The geographical position of Iceland has also meant that a lot of vegetables and almost all fruits need to be imported or grown in greenhouses, which leads to higher prices in stores.
How much should you spend on eating out?
As a general guideline, it's recommended to limit eating out to 2-3 times a week, and budget around 10-15% of your monthly food expenses for dining out. This will allow you to enjoy the occasional meal outside of your home while also keeping your food costs in check.
For those who want a quick and easy answer: It's generally cheaper to cook food at home than eat out. The reason so many people can get stuck on the question is the human psychology variable. People don't always spend wisely, and it isn't as if prices are always the same at a supermarket or a fast food restaurant.
Recent research revealed that millionaires spend surprisingly little on eating out, with most splurging only $200 or less per month on restaurant meals. Three out of four millionaires (75%) stated that regular, consistent investing over a long period of time was the reason for their success.
Domino's Pizza is the most popular fast food in Iceland and has branches around the country. Their most popular pizza (Domino's Extra) costs 2290 ISK (15 EUR/16 USD) for a small one and 3840 ISK (25 EUR/26 USD) for a medium sized.
In Iceland, they're all about making the most of what's around - fresh fish from the icy Atlantic, free-roaming lamb, and hardy root veggies. But it's not just what they eat. It's how they prepare it that really tells the tale.
The Most Famous Icelandic Snack: Pylsa (Pulsa)
They're made from lamb, beef and pork and can be topped with a variety of yummy ingredients, such as onions, mustard, ketchup or even a remoulade sauce. You can find pylsa at stands and casual restaurants throughout Iceland, but you can also buy them in the grocery store.
Yes, it is safe to drink the tap water and 95% of all water in Iceland comes from springs. It is in fact one of the cleanest and most delicious drinking water in the world. Unlike in many neighbouring countries, the Icelandic water is free of chlorine, calcium, and nitrate.
Iceland is not a cheap country when it comes to food but there certainly are ways to keep the costs down. If breakfast is included in your accommodation, then go for it! If your accommodation gives access to a kitchen, you can cut costs a lot.
Iceland's relatively small size means most local foods are available in most places on the island, but there are some region-specific specialties to check out: Bæjarins Beztu Pylsur Hot Dog - This Reykjavik-based chain of hot dog stands might not seem as if it warrants a stop, but the wieners here are world famous.
Tipping isn't mandatory or customary in Iceland, but it is always appreciated. The standard rate of tax on Icelandic products is 24%, with some products and services, including books, food and accommodation, taxed at a reduced rate of 11%.
How much is an average lunch in Reykjavik?
Budget Lunch Prices in Reykjavik: $7-$20
Super budget travelers can make a super cheap lunch of bread, cheese, and fruit from any grocery store for a few dollars. Fast food hamburger with fries and soda: $13–$16. Cheap takeaway meals (like a kebab with fries): $10-$13.
We ordered one of the bucket meals which was a few thousand isk which is the most expensive in the EU. The service was good better than some KFC branches have been in. The chicken was nice and the coating was nice also different from the UK branches.
Hákarl, also known as fermented shark, is the official national dish of Iceland. While it's not part of the traditional daily cuisine anymore, hákarl is considered a delicacy and many tourists opt to try this unique dish at least once.
Iceland is known for having quite expensive prices compared to America and Europe. However, if you know where you are going, you can always find places to buy things that are within your budget.
Eating in Iceland doesn't have to be expensive if you strategize in advance. The basic plan involves bringing a few snacks from home, seeking out the cheapest grocery store in Iceland, and sticking to fast food and gas station meals.
