Under the Shipping and Handling tab enter Iceland from the drop down.
If it says Free, you will not have to pay any shipping.
I wouldn't expect much delay either, since the parcel would probably go from China to Europe (Netherlands? Denmark?) and then on to Iceland. And as you know, your country is in heavy use as a trans-Atlantic stop.
There may be duty and sales tax, which you would pay to the Icelandic Post Office.