The economic boom and subsequent collapse (Hrun) of the mid 2000s had a marked effect on Reykjavík, leaving various half-finished and empty structures with uncertain futures. Although the material culture of the economic collapse has been examined to some degree, the abandoned building sites have not. The Icelandic heritage discourse has so far had very little engagement with twentieth-century materiality and even less with twenty-first-century materiality but this paper contends that these places can nevertheless be seen as heritage. In order to engage with such places, the Icelandic authorized heritage discourse must be significantly broadened. Keywords: Counter-heritage • Ephemeral heritage • Ruin gazing • Ruins As I was driving toward Snaefellsjökull this past Christmas I was treated to an interesting sight (Fig.1). By the side of the road, a fallen over sign read: These are not old ruins. Intrigued, I stopped to locate the non-ruinous feature alluded to by the sign, and sure enough I came across a small concrete shed, built into a sloping hill probably shortly after the Second World War-certainly not old when compared to the time-depth of the landscape, inhabited for over a millennium. The shed itself was hardly impressive either. It looks overwhelmed by its setting, its grass roof perhaps an attempt to blend into the landscape, but its size and shape give the impression that it's being swallowed up by the hills surrounding it. When the shed is viewed from a greater distance, the dwarfing effect surroundings have upon it becomes even more