I was just perusing the airfares to Iceland and noticed that they've plummeted; there are some very good deals for the winter break.
Is there any interest in a ~5-10 day mid-winter trip? Last time I was in Iceland over winter, I found all manner of things to see and do. The light was quite spectacular. Among the attractions:
-gorgeous light, something like sunrise/sunset for several hours. The colours are spectacular.
-long exposure heaven: in the lowish light you can build all sorts of motion into a photograph.
-northern lights: last time I was there in winter, I was able to see them quite clearly even from the blue lagoon.
-winter traditions: in the winter, the Icelanders light the graves and shoot off fireworks to fend off the darkness. The Icelanders have very interesting yuletide traditions.
-I found the hostels to be uniformly excellent, and the farms to be even better (in terms of food).
-almost complete absence of tourists in the winter!
If this happens I would propose staying around Reykjavik, with day-long photo excursions around the peninsula.