Here's a list of some of the cheapest beers you can buy in Reykjavik. In addition to those listed below, there's a handful more places that have single beers or wine from 500 -650 ISK or 2 for 1 from 950-1000 ISK, including The Danish Pub, Dolly, Stofan Café, Dubliner and Boston.
Happy Hour: Monday - Thursday 21:00 - 1:00
Price per beer: 390 ISK
The cheapest single beers that you'll find in Reykjavik are to be had in Glaumbar. The bar is designed in the vein of American sport bars, with a huge screen showing matches. The music is loud, particularly on weekends and the atmosphere is young and brash. The establishment is basically designed around the bar, so you won't have to go far for a drink. DJ's will usually play popular dance or electronic music and sometimes concerts are held there.
Happy Hour Daily: 16:00-20:00
Price per beer, wine or whisky: 550 ISK
Dillon is kind of a classic rock pub. It has this dark English-style pub feeling, and the patrons are often pierced and tattooed. The live concerts or DJ's that play usually have a mix of metal rock and punk rock style, with a dash of the Beatles thrown in every once in a while. They have an awesome 2nd floor balcony for smokers, but also good for getting out and trying to see the Northern Lights.
Kiki Queer Bar
Happy Hour: Thursdays 20.00 - 22:00
Price per beer: 450 ISK
Wine: 600 ISK
Though focused on LGBT people, all genders and orientations are welcome at Kiki Queer Bar which has become very popular, and has one of the best happy hour prices in the city. The bar is located on Laugavegur 22 in downtown Reykjavik, and entered from the street Klapparstigur. The atmosphere is friendly, featuring mostly pop, disco, RnB and Dubstep. The bar also functions as a cozy café during the day.
Happy Hour Daily: 17:00 - 19:00
Price per beer: 600 ISK
Micro Bar, snugged up next to the City Central Hotel in Austurstræti 6, may well have the best beer selection in Reykjavik. It has a nice atmosphere and excellent friendly staff that has a good knowledge of all kinds of different beers that are served there. And added bonus is that one can have a good chat without music in the background. The bar can be entered either through the hotel lobby or from Austurvollur public square.
Happy Hour: Sunday – Thursday 17:00-20:00
Price per beer: 400 ISK
Formerly known as Kaffi Zimsen and run by the ones who ran the bar Faktory, Brikk is very spacious for an Icelandic bar, with plenty of seats and dancing floor space. It's inside an old harbour side house, not far from the famous hotdog stand Baejarins Beztu. On the weekends, this is a notorious place for not-quite-20-year-old-yet people to fill up and form massive lineups outside, so enjoy the peace and space of happy hour time!
Happy Hour: Sunday – Saturday 17:00-20:00
2 for 1 price on Viking, Viking Classic and Thule: 900 ISK
2 for one price for other beers: 1100 ISK
The backpackers hostel is appropriately one of the cheapest places to get a beer in Reykjavik, since it caters to budget backpackers and students alike. It's located downtown and is a cool place to meet people from all over the world, so grab a beer there if Reykjavik starts to feel too small for you!
Happy Hour: Sunday – Thursday 16:00-20:00
2 for 1 price on Viking: 760 ISK
2 for 1 price on Viking Classic: 850 ISK
One of the oldest bars in Reyjavik, Prikid is a cafe/restaurant by day, and a party place by night. It has a cosy upstairs seating area, and since the bar is set in an old, traditional Icelandic home, it makes you feel like you're still sitting in someone's living room, looking out the old wooden framed windows at Laugavegur street. On Thursdays and weekends, there are often DJ's or live rappers performing, so get ready to squish on the tiny dance floor after downing a few of Reykjavik's cheapest happy hour beers.
THE FANCIEST PLACES FOR A HAPPY HOUR DRINK
Now you know where to get the cheapest beer, but here are some even more exclusive suggestions for where to get the cheapest drink in the nicest bar.
Happy Hour: Sunday – Saturday 17:00 – 19:00
Price per beer and wine: 500 ISK
Selected coctails: 950 ISK
This new bar and restaurant located in the Icelandair Marina hotel was built in the newly rejuvenated part of the old Harbour. It's always packed for dinner, with reservations made weeks in advance, and the Happy Hour crowd there are becoming regular happy customers. They have a great home-made cocktail list of new and infused drink recipes you have to be sure to try. If you want to mingle with the hip and trendy or meet some young and old professional locals, Slippbarinn is the place to go.
Download the Reykjavik Grapevine Appy Hour app in your iphone to find out more about happy hours in Reykjavik, the best prices and which happy hour bar is closest to you!