As an Icelander and one who used to enjoy The Eurovision Song Contest I am absolutely furious. It is a terrible misrepresentation of both. It is obvious that no research was done into either subject and I really feel for some of my friends and acquaintances who had a role in the film, it must have been a bitter pill to swallow to abandon one's pride for a paid job. They didn't even get a single Icelandic name right, just some made up nonsense, at least google icelandic names or simply ask the native cast. Get your facts somewhat right. And did none of the Eurovision competitors who had a role in the film say anything about how far removed from reality it is or was the money too good to turn down, where is your pride? The film is only a mediocre one at best, a factory film straight out of "Save the Cat", it is a true and tested formula but nowhere near Will Ferrel's best. It might be enjoyable for some but Eurovision and Iceland have so much more to offer and this could have been an interesting film, but they blew it. For sticking nicely to the formula they receive a star, but it is only a full star because I can't give half stars. An awful film which will leave me seething for a while.
P. S. Although some icelandic people believe in the existence of elves, none of them would ever ask them for anything as you don't want to owe them any favours. And they are definitely not a deity of any kind, just normal godfearing invisible people who live inside mountains and boulders.