Average Daily Food Cost: $60-$105 USD Freshly baked crossaints at Brauð & Co. bakery in Reykjavík. Even though I saved money on breakfast (included in my hostel stay), I would suggest budgeting $20-$35 USD per meal. We thought we couldn’t go wrong by ordering a pizza for take-away, but we were hit with sticker shock. Eating in Iceland doesn’t have to be expensive if you strategize in advance. These estimates are based on data that may have some inconsistencies at the moment. 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. Prices for inexpensive restaurants and fast food cafes. We were pretty happy that we spent less than $50 on meals for two people for our whole 6 days in Iceland. 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. Family of four estimated monthly costs: 884,729 kr Single person estimated monthly costs: 404,170 kr WARNING! I managed to spend less than half that amount during a full nine days on the island. Summary of cost of living in Iceland. A large mediocre-tasting meat pizza cost around $30 USD. For soup and bread, you will part with USD 12.25 up to 29.61. View fullsize. Currency: Sticky Currency Switch to metric measurement units. A typical lamb entree at an average restaurant will run 4000-5000ISK ($33-41USD). 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. Food Budget in Iceland Average Daily 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. It would only cost you something between USD 6.59 to 15.07 to have lunch and be on your way sight-seeing. Food in Iceland is extremely expensive. Food Prices in Iceland. Food and Snack Costs in Iceland. 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. Dinner. The basic plan involves bringing a few snacks from … Check out these foods to try in Iceland. 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. Add data for Iceland. The University of Iceland in Reykjavik is the main institution for both local and international students. Dining in Iceland will cost handsomely especially if you want to indulge in the native Icelandic cuisines mainly because food products are costly. 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