Home > Countries > Iceland

Iceland country profile

Iceland, a Nordic island country located in the North Atlantic Ocean, is known for its stunning natural landscapes and unique geological features. With a population of approximately 366,000 people, Iceland is one of the least densely populated countries in Europe. The country covers an area of about 103,000 square kilometers, making it the 18th largest island in the world.

Coutry's neighbours are:Norway, Faroe Islands, United Kingdom

Most prosperous jobs in Iceland

generic jobs In terms of job opportunities, Iceland has a diverse economy with several thriving industries. One of the most prosperous sectors is tourism, as the country attracts millions of visitors each year who come to explore its breathtaking scenery, geothermal hot springs, and majestic waterfalls. Another significant industry is renewable energy, particularly geothermal and hydroelectric power, which has made Iceland a global leader in clean energy production. Additionally, Iceland has a strong fishing industry, thanks to its abundant marine resources. The technology sector is also growing rapidly, with advancements in software development and data centers. Finally, Iceland's creative industries, including film production and design, offer promising employment prospects.

Average costs of living in Iceland

The Costs of Living in Iceland: A Comprehensive Overview

Introduction Iceland, known for its breathtaking landscapes and vibrant culture, is also renowned for its high cost of living. While the country offers a unique quality of life, it is crucial to understand the expenses associated with residing in this Nordic island nation. In this article, we will explore the approximate costs of various aspects of life in Iceland, providing an insight into the monthly expenses one can expect.

Accommodation Renting an apartment in Reykjavik, the capital city, can be quite expensive. A one-bedroom apartment in the city center may cost around $1,500 to $2,000 per month, while a similar apartment outside the city center could range from $1,200 to $1,700 per month.

Utilities On average, utility bills in Iceland amount to approximately $150 to $200 per month. This includes electricity, heating, water, and garbage disposal fees.

Groceries Icelandic groceries tend to be relatively pricey due to the country's remote location and limited agricultural production. A monthly grocery bill for a single person can range from $400 to $600, depending on dietary preferences and shopping habits.

Dining Out Eating out at restaurants or cafes is generally expensive in Iceland. A mid-range three-course meal for two people can cost around $80 to $120, excluding alcoholic beverages.

Transportation Public transportation in Iceland is well-developed, but owning a car is often more convenient, especially outside the capital. A monthly public transportation pass costs approximately $90, while gasoline prices are around $7 per gallon.

Healthcare Iceland boasts excellent healthcare services, which are partially funded by taxes. However, private insurance is recommended for expatriates. Monthly health insurance premiums can range from $100 to $300, depending on coverage.

Education Public education in Iceland is free, including primary, secondary, and university levels. However, international students may have to pay tuition fees ranging from $5,000 to $20,000 per year, depending on the institution and program.

Leisure and Entertainment Engaging in recreational activities and entertainment can be costly. A movie ticket costs approximately $15, while gym memberships range from $80 to $120 per month.

Clothing and Personal Care Clothing prices in Iceland are relatively high, with items like jeans costing around $100. Personal care products, including toiletries and cosmetics, are also more expensive compared to other countries.

Summary of Monthly Expenses Considering the above expenses, a single person living in Reykjavik can expect to spend approximately $2,500 to $3,500 per month. This estimate includes rent, utilities, groceries, transportation, healthcare, and some leisure activities. However, it's important to note that individual spending habits and lifestyle choices may significantly impact these figures.

Conclusion Living in Iceland offers a unique experience, but it comes with a higher cost of living compared to many other countries. Being aware of the approximate expenses can help individuals plan their finances accordingly and make informed decisions about relocating to this stunning Nordic nation.

Top 10 higest salaries in Iceland

1. Orthopaedic surgeon (98,359,404 ISK per year, pre-tax.)
2. Cardiologist (81,877,510 ISK per year, pre-tax.)
3. Medical director neurosurgery (79,112,891 ISK per year, pre-tax.)
4. Neurosurgeon (76,667,162 ISK per year, pre-tax.)
5. Colorectal surgeon (76,560,913 ISK per year, pre-tax.)
6. Urologist (74,753,107 ISK per year, pre-tax.)
7. Oncologist (74,753,107 ISK per year, pre-tax.)
8. Chiropractic radiologist (74,753,107 ISK per year, pre-tax.)
9. Oral and maxillofacial surgeon (74,753,107 ISK per year, pre-tax.)
10. Plastic surgeon (74,753,107 ISK per year, pre-tax.)

Data as of 2023

Random salary:
Air force airman 1st class air (4,466,033 ISK per year, pre-tax.)
Greeter (4,253,392 ISK per year, pre-tax.)
Orthopedic shoemaker (13,079,209 ISK per year, pre-tax.)
Clinical applications specialist (diagnostics) (13,717,132 ISK per year, pre-tax.)
Media buyer broadcast (9,889,165 ISK per year, pre-tax.)