View fullsize. The University of Iceland in Reykjavik is the main institution for both local and international students. Based on the spending habits of previous travelers, when dining out an average meal in Iceland should cost around kr1,513 per person. Food prices in Iceland can be very high, yes, but spending close to $50/day is completely unnecessary! Dining in Iceland will cost handsomely especially if you want to indulge in the native Icelandic cuisines mainly because food products are costly. A typical lamb entree at an average restaurant will run 4000-5000ISK ($33-41USD). Outside of the cities it was easier to motivate ourselves to cook but we still managed to spend nearly 700 ISK ($6USD) on our afternoon hotdog from a passing gas station. Food and Snack Costs in Iceland. Calculated from travelers like you. We thought we couldn’t go wrong by ordering a pizza for take-away, but we were hit with sticker shock. For soup and bread, you will part with USD 12.25 up to 29.61. Food in Iceland is extremely expensive. Summary of cost of living in Iceland. Food Budget in Iceland Average Daily Costs. Check out these foods to try in Iceland. Food Prices in Iceland. Dinner. The basic plan involves bringing a few snacks from … Prices for inexpensive restaurants and fast food cafes. Average Daily Food Cost: $60-$105 USD Freshly baked crossaints at Brauð & Co. bakery in Reykjavík. Iceland Food Costs. During our short stay in Iceland, we definitely spent more on food than we usually average – and more than we originally budgeted. And this is about as low as the food prices in Iceland go. We were pretty happy that we spent less than $50 on meals for two people for our whole 6 days in Iceland. A bowl of soup and other dishes can cost from 9,3 USD = 1 190 ISK; Hamburgers, meat and vegetarian dishes 7,8 - 12,5 USD = 1000 - 1 600 ISK; Common pizza. It is not a custom to pay tips in Iceland but some restaurants have jars for tips and are extra glad when someone gives them tips. Add data for Iceland. While meal prices in Iceland can vary, the average cost of food in Iceland is kr3,783 per day. Currency: Sticky Currency Switch to metric measurement units. A large mediocre-tasting meat pizza cost around $30 USD. Cost of living in Iceland for international students Iceland proudly boasts a 99% literacy rate, so it is clearly a country with high standards when it comes to education. Family of four estimated monthly costs: 884,729 kr Single person estimated monthly costs: 404,170 kr WARNING! These estimates are based on data that may have some inconsistencies at the moment. We cooked all our meals at campsites or made them on the road. I managed to spend less than half that amount during a full nine days on the island. Eating in Iceland doesn’t have to be expensive if you strategize in advance. 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