To answer your questions - to fish for Wild Trout and Char in Icelandic Lakes is not that expensive - a week will cost you less than a days Salmon Fishing - typical cost would be £750 - £900 for a week - 6 days guided fishing with Skuli Kristinsson including self catering accomo plus pick up from and to the airport ( excludes flight - we paid £160 each).
This year our party of 6 caught 350 trout and char for the week -) not really fishing that hard - mainly half days plus we had a day off to go sight seeing.)
Best fish about 4.5lbs - someone who shall remain nameless lost a brown well over 6lb on its second jump at 90yds!!!!
In the shallow brown trout lakes - traditional wets eg BIbio, Dunkeld, etc plus epoxy buzzers are best - fished on floaters. Typically wading in chest waders,
In the deep water char lakes - best flys weighted black nymphs size 10-14 plus bibios and epoxy buzzers most succesful but they will take more garish modern patterns - see piccy

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The Char vary a hell of a lot in colour see the pictures below. Some are pale some really bright. Skuli also tells me there are different types depending on how they feed. Small pale surface feeders up to 1lb, larger more brightly coloured bottom feeders - he calls the " snail eaters" and big predatory "ferox" types.
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THey all have the most beautiful white edges to their fins
If you wish to see more views of the scenery and the birds which are worth the trip in themselves - let me know.
Steve Cooper aka Cookshill