>>567205>Might climb a mountain or two to set up a camp for the night. The only thing that worries me is the shortage of food.If you climb a mountain in Iceland, your main concerns are falling to death, dying of hypothermia or exposure, getting lost or get dehydrated. Or a combination of the above. Food is not that much an issue, pack 2 bags of Hardfiskur and a loaf of that bread will feed you for 3 days.
As long as you keep to the asphalted roads its a normal bike trip, just with amazing sights and sometimes bad weather.
If you leave the road for the highlands you go for the Arctic, you are away from mankind if things go awry you are alone in a really harsh environment. Make sure you got adequate equipment, let other people know where you are going and when you intend to be back. Do not go alone if you don't have any previous experience with it. It is really easy to find a hiking mate in Iceland, hostels, camping grounds and huts are well visited during the summer.
http://www.nat.is/gonguleidireng/check_list_for%20hiking.htm 