We spent 5 days in Reykjavik last August. It was sunny for almost all of that; the locals claimed they only had 6 sunny/rainfree days a year so we had been very lucky.
Restaurant meals are very expensive. Cheapest was £70 for two for one curry with rice each, one naan bread, one beer and one tap water.
Scenery is fascinating - no trees (some had been planted in Reykjavik). No trains anywhere.
We did the Golden Circle tour, very interesting - make sure you go in a small bus not a large one unless you like being herded and having to wait for the last stragglers out of 50 at every stop. Also did a short boat tour to see the puffins - they are so funny when they fly (at very high speed).
As we usually do, we did a food tour which would recommend.
Plenty to do in 4/5 days, if you are interested in geology/geography there is lots more to explore .
We flew Icelandair, no problems. Got upgraded and used the spacious lounge. There is a growing market in people travelling to/from the States on Icelandair breaking their journey for a day or more - prices for that are competitive.
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