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New Years in Reykjavik

I'm debating whether to go for Dec 30 - Jan 1. I have heard mixed things about how fun it is. I understand everything closes at noon on the 31st and then there is dinner, bonfires, tv show and fireworks. If you are not local, is it fun or are you lonely if you are not with family and friends watching the TV? Is it a good time to do some of the excursions outside the city at this time of year?

Thanks!

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