I caught this because the title was interesting and I had spent a little time in Iceland.
The first compliment I have to pay to the film makers is how they let the people explain themselves without imposing their own judgment. Unlike the many documentaries about similar subjects that infest U.S. cable channels at the moment, this film is presented so that the viewer can make their own decisions about the people presented. When presenting such supernatural subjects, most documentaries take a side on the subject. These days every strange idea is presented as an astounding truth with any skeptical opinion either edited in a way to make the skeptic seem foolish or really in agreement with the documentary.
Here we have a large number of rational people who have felt that they have come in contact with supernatural entities, elves, sea serpents, aliens, ghosts and so forth. It's the Icelandic demeanor that helps us listen to the stories. Their generally calm way of expressing themselves allows the audience a chance to hear what they are saying and reflect on what these people believe they have experienced. It's also the fact that seeing and experiencing these entities is not considered as odd in Iceland as here in the US so the people can talk without being defensive.
Recommended to anyone interested in the supernatural, if you believe in it or not.