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: 3,100
• Rent for a single room: 40,000-60,000+ depending on location
• Access to a swimming pool: 500
• Movie ticket: 1,200
• Theatre: 3,000+
• Daily newspaper: 290+
• Public bus ticket: 350
• Bus card valid for a month in Reykjavík: 7,700
• Loaf of bread: 400
• Litre of milk: 120
• Half a litre of beer at a café: 800
• Bottle of wine: 1,500+
• Lunch at a restaurant: 1,500+
• Dinner at a restaurant: 2,500+
• Litre of petrol: 250

NOTE: the list is subject to change