Monday, January 26, 2009

The Plummeting of the Krona Makes This a Perfect Time to Visit Iceland

Sadly, Iceland is in political and financial turmoil.

Iceland's coalition government has collapsed.

Last year, the country's banks collapsed.

Inflation and unemployment have soared, and the krona currency has plummeted.

What this means to the international traveler is that prices of food and lodging are less than half of what they were a year ago. Currently $1 US equals, approximately, ISK 123. A year ago, $1 US equaled approximately ISK 65.

In the summer of 2008, a three course meal could cost ISK 1500-3500. At that time, the exchange was ISK 82 for US $1, which converted to $18, on the low end. Today, that same meal would cost the US visitor $12.

While things don't look good for those having to earn a living and live in Iceland, this is definitely an opportunity for those wanting to visit the country.

No comments: