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What to do in Iceland if you have limited time, say 2 full days and a half day. What you do is go on the Golden Circle. That tour gives you an idea of the Icelandic history as well as varied landscape where you see where two tectonic plates move apart, glacier, volcanoes, waterfalls and geyseres. Also this area is where the oldest, still working parliament in the world was established, see where the capital of Iceland was located for 700 years as well as stories of elves and trolls who have lived in this country for a longer time than human beings.
For a second full day of tours a good idea is to go along the southern shore of the country. If you have time to include dog-sledding or snomobiling then you can combine that with stepping on hundreds of years old glacier, see basalt formations by the sea and during summer the birdlife by the coast. A good guide can also give you loads of information about the Sagas of the Icelanders, written hundreds of years ago.
On your way to the airport an ideal detour is going to the Blue Lagoon, perhaps with a little extra through a rugged landscape which looks more like you've stepped on the moon and from the moon jumped over the Mars.
There are lots of different tour types - By Bus, minibus, and by super jeep.
The bus tours are good value, but are pretty basic. The minibuses offer
a more personal service. The Super Jeep tours are expensive, but if you
are adventurous and can afford it, it's great fun driving with the
modified vehicles over the glacier.