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Iceland, Reykjavik

Iceland, ReykjavikCity Description: Reykjavík is the capital and largest city of Iceland.

Economy: Reykjavík is the only metropolitan area in Iceland. As a highly modernized capital of one of the most developed countries in the world, its inhabitants enjoy a first-class welfare system and city infrastructure.

Major Languages: Icelandic.

Major Religions: Christianity.

Population: 0.202 Mil (2014 est.).

Currency: Iceland Krona (ISK)

Inflation: 2.4% (2014 est.).

Cost Of Living

The cost of living for expatriates in Reykjavik is very high in comparison to other places in the world.

In Reykjavik, the cost of each basket, based on each baskets cost of living index (only available to subscribers), is categorized follows:
1) Alcohol (where available) & Tobacco: Very High
2) Clothing: Very High
3) Communication: Average
4) Education: Very High
5) Furniture & Appliances: High
6) Groceries: Very High
7) Healthcare: Very High
8) Household Accommodation: High
9) Miscellaneous: Very High
10) Personal Care: Very High
11) Recreation & Culture: Very High
12) Restaurants Meals Out and Hotels: Very High
13) Transport: Very High

Reykjavik is ranked as a high degree of hardship location.

Hardship (also know as quality of living) refers to the degree of hardship an expatriate and their family are likely to experience in the host location. Hardship pay is compensation to encourage people to move, in particular to less desirable locations. In determining the amount of hardship premium payable, factors such as economic, political, religious, infrastructure, environment/climate, personal safety, health, education, and transportation factors are considered.

The information on this page is updated quarterly using data collected over the previous 12 months. Premium data such as the cost of living indexes for all 13 baskets for each location, hardship premiums and salary comparisons are only available to registered users using the Mobility Calculators.

Published by Xpatulator.com on 1 July 2014.

Want to know more about the cost of living in Reykjavik? Calculate how much you need to earn in Reykjavik to have the same spending power that you have now. To get started, Register, subscribe to the locations you are interested in (7 days or 1 year), and run any of the following calculators, as many times as you like, for the duration of your subscription:

Salary Purchasing Power Parity Calculator: For the calculation of salaries with equivalent purchasing power for similar positions based in different geographic locations.

Cost of Living Allowance Calculator: For calculating cost of living allowances for short-term assignments.

Cost of living Index Calculator: For the calculation of multiple host location cost of living indexes using your selected home base.

International Assignment Management Calculator: For the calculation of an expatriate assignment package using the build-up approach.