If the recommended accommodations are full, a complete list of options is available at www.vestmannaeyjar.is via the tourist information link. Another option is Sunnuhóll, Vestmannabraut 28 (tel. 481-2900; fax 481-2900; www.hotelvestmannaeyjar.is; 7 units without bathroom; May-Sept 4,600kr/$74/£37 double; AE, MC, V), the spotless homey hostel owned by Hótel Þórshamar; it is generally indistinguishable from a rudimentary guesthouse -- except for the fact that you rent the sheets (700kr/$11/£5.60 for entire stay). Though, with money as no object, you may prefer the swanky suites at Hotel Þórshamar.
Note: This information was accurate when it was published, but can change without notice. Please be sure to confirm all rates and details directly with the companies in question before planning your trip.