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Icelandic is a notoriously difficult language to grasp with all of the strange letters like þ, ð, æ, and ö lurking around. While very rare to find an Icelander under the age of 50 who does not speak fluent English, it is still helpful to at least try to know a few phrases to show some effort when visiting Iceland.
Literal translation: What do you say?
Literal translation: May it serve you well.