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. Iceland Food Costs. Select city in Iceland: Do you live in Iceland? Family of four estimated monthly costs: 884,729 kr Single person estimated monthly costs: 404,170 kr WARNING! Food Budget in Iceland Average Daily Costs. We cooked all our meals at campsites or made them on the road. 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. The basic plan involves bringing a few snacks from … 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. A typical lamb entree at an average restaurant will run 4000-5000ISK ($33-41USD). The University of Iceland in Reykjavik is the main institution for both local and international students. We thought we couldn’t go wrong by ordering a pizza for take-away, but we were hit with sticker shock. Dinner. Average Daily Food Cost: $60-$105 USD Freshly baked crossaints at Brauð & Co. bakery in Reykjavík. And this is about as low as the food prices in Iceland go. Food Prices in Iceland. Dining in Iceland will cost handsomely especially if you want to indulge in the native Icelandic cuisines mainly because food products are costly. Taxes on food in Iceland is 7% but when you calculate your cost of eating out you don´t have to add them to your food bill since it is already included. 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. Summary of cost of living in Iceland. It would only cost you something between USD 6.59 to 15.07 to have lunch and be on your way sight-seeing. Food and Snack Costs in Iceland. Check out these foods to try in Iceland. A large mediocre-tasting meat pizza cost around $30 USD. Food prices in Iceland can be very high, yes, but spending close to $50/day is completely unnecessary! I managed to spend less than half that amount during a full nine days on the island. View fullsize. Based on the spending habits of previous travelers, when dining out an average meal in Iceland should cost around kr1,513 per person. During our short stay in Iceland, we definitely spent more on food than we usually average – and more than we originally budgeted. Food in Iceland is extremely expensive. For soup and bread, you will part with USD 12.25 up to 29.61. Calculated from travelers like you. Currency: Sticky Currency Switch to metric measurement units. While meal prices in Iceland can vary, the average cost of food in Iceland is kr3,783 per day. 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