How cheap is iceland at the moment?

How cheap is iceland at the moment?

There is alot of talk about Iceland really cheap at the moment. However it was very expensive to begin with. Just how cheap is it at the moment compared to (say) the UK. How much should I budget a day for cheap hotels etc...

Question about Iceland

Unfortunately the Icelandic Krona has strengthened by about 50% against the pound since last November, so it is in no way cheap. Some hotels have slashed their rates to get business, but that means it takes it back to pretty much where it was.

Fortunately for the Icelanders I suppose! Damn, I guess I missed my chance! Thanks...