Icelandair offers several fare classes, and the cancellation rules depend heavily on the type of ticket you purchased. Generally, fares range from more restrictive economy options to flexible premium tickets. Basic or economy light fares are usually the least flexible, often carrying cancellation fees or offering limited refunds. More flexible fares, such as economy flex or business class tickets, typically allow cancellations with reduced fees or even full refunds. Knowing your fare category is the first step in understanding your cancellation rights.
