You may be aware of the fact that most Icelandic people speak quite good English. I hardly doubt that you will encounter any difficulties communicating with the locals, as long as you speak English.
Hopefully, this fact won’t discourage you from trying to express yourself in Icelandic! Here are some useful phrases that you can use in restaurants, asking directions or simply to bid good day.
If you are confused about the pronounciation, you can read my article about the “special letters” in Icelandic first.