The centre-left Social Democratic Alliance, led by Kristrún Frostadóttir, outperformed the ruling Independence Party to win the most seats, at 15.

[2] The Left-Green Movement and the Pirate Party lost all of their parliamentary representation, with each failing to obtain a seat for the first time since their foundation in the 1999 and 2013 elections, respectively.

[6] On 13 October, prime minister Bjarni Benediktsson announced that the government had collapsed due to disputes over foreign policy, asylum seekers, and energy, prompting him to call for new elections and ask President Halla Tómasdóttir the next day to dissolve the Althingi and set the elections for 30 November.

[8] In November 2024, a Gallup poll found that more than 60% of voters regarded healthcare, economic issues and housing as a top concern.

The public broadcaster RÚV said that an AI chatbot set up to answer election-related questions received mostly queries on housing and taxation.

[15] The Left-Green Movement and the Pirate Party lost all of their parliamentary representation, with each failing to obtain a seat for the first time since their foundation in 1999 and 2013 respectively.

This followed with praise from the leader of the Social Democratic Alliance Kristrún Frostadóttir for Inga's work on repairing issues affecting the elderly and disabled.

Election results showed that her party could play a kingmaker role in who forms the next government and would be able to provide a majority (if it comes down) to either a possible centrist left-leaning coalition with the Social Democrats and People's or possibly with Independence and the Centre Party, which is more right-leaning.

[17] Centre Party leader Sigmundur Davíð Gunnlaugsson met with President Halla Tómasdóttir on 2 December.

[20] On 4 December, Kristrún Frostadóttir began the formal process of forming a government consisting of Social Democratic Alliance, Viðreisn and the People's Party.

The cabinet consists of four ministers from Kristrún's Social Democratic Alliance, four from Þorgerður's Viðreisn, and three from Inga's People's Party.