Price of Cocaine Gram Unchanged Despite Record Seizures in Iceland

Icelandic authorities intercepted a significant quantity of narcotics in June, confiscating a total of 177 kilograms. Among the seized substances were 106 kilograms of cocaine, marking one of the largest drug busts in recent memory for the nation.

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The price of a gram of cocaine has remained relatively stable over the past twenty years, between 15,000 and 25,000 Icelandic krónur. The price has therefore not kept pace with inflation. A gram of cocaine has thus decreased proportionally, suggesting that supply has increased.

Valgerður Rúnarsdóttir, the chief physician at Vogi, a treatment center for addiction, stated that historically, large drug seizures have not had a noticeable impact on the availability of illicit substances. However, she noted that it remains to be seen whether this recent large-scale confiscation will affect the drug supply in the coming months.

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We are perhaps changing our attitudes towards alcohol and drugs, which is not good if we are making it seem less serious than it is.

Treatment data from Vogi indicates an increase in individuals aged 25 to 45 seeking help for cocaine addiction, with around 300 to 400 people annually. This trend contrasts with a decrease in cocaine addiction treatment seekers following the 2008 financial crisis and the COVID-19 pandemic. Rúnarsdóttir observed that cocaine is often used in combination with other substances, particularly alcohol, which has also seen increased consumption in Iceland. She expressed concern that changing societal attitudes towards alcohol and drugs might be making their use seem less serious.

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The price of a gram has not followed price developments.