Parking in Akureyri is free of charge everywhere, but you can only stay for short amounts of time between 10 and 16h on work days in Downtown Area (see map). Parking areas have maximum parking times displayed. You must indicate the time of arrival in your windshield/dashboard and if you exceed the maximum parking (or try to cheat by setting the clock ahead of the actual time) you run the risk of a fine. Value of the fine in 2018 is 3090 isk.
How to indicate the time of arrival? Any piece of paper with clear writting will do, but clock-cards are available for free in banks, info-centers, hotels, petrol-stations and many shops in Akureyri.
Note that time limitations only apply for the town center. The free parking time is different according to each area ranging from 15 minutes up to several hours.
For fine appelations, here