The local krona might be slowly sinking but this does not really mean you get lots more stuff for your buck. PIC KOEN SUYK

Contrary to popular myth this is not a yes or no answer. Judging from a variety of different articles about the wonders of visiting Iceland this is absolutely the time to hop on over and do it cheaply. The local currency is in tatters and thus you can buy more with your dollars, pounds, remninbis and euros.

But stop for a minute and think. You run a tourist business in Iceland. Business is good but the currency weakens every day. You soon notice that the tourists with their foreign money do not really care, or pay attention, if this thing or that is 500 kronas more expensive than usual. They are only here for a short while and cannot realistically make price comparisons.

What is the most logical outcome of this thinking? You absolutely raise your prices. And you get easily away with it too.

And this is exactly what has been happening here in Iceland. Prices for all kinds of services to tourists has risen sharply precisely because people in the tourist services know that the foreigners feel they can now buy much more in Iceland than would normally be the case. Therefore they raise their prices thereby, partly or wholly, eliminating all the benefits the tourist gets from a devalued local currency.

On the whole you can probably buy more stuff or get more services in Iceland than you could a few years ago for the same amount of money. But as for Iceland being especially cheap just because the krona currency is taking a daily hit is plain and utter bullshit.

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