Iceland Hostels: prices as low as €6

An article on Iceland hostels during the economic crisis:
http://www.businessweek.com/globalbiz/content/oct2008/gb20081023_934898.htm?chan=globalbiz_europe+index+page_top+stories

"Iceland just became very affordable!" Iceland's national hostel organization recently announced. Visitors with youth hostel ID cards can stay overnight for around 1,850 krona, about €6 at the current exchange rate. A four-hour guided tour of the spectacular surrounding Reykjavik costs 7,100 krona, about €20.

For the youth hostel organization, the upshot of the precarious situation is this: "If you always wanted to come back to Iceland, now is your chance."

Related thread:
Iceland economy crashing