I have already driven around the island to Mi Lake. Most of the locals are speeding. I haven't seen a single speed camera. Do friends who have been there know where the speed cameras are, or where they were caught speeding ?

Iceland FAQ

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There are usually cameras when entering towns (with a speed limit of 50 km/h). There are also speed traps on the side of the road, and a sign is posted to show the speed. If you exceed the speed limit, there will be flashing lights to take photos.

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