Like most places, it is celebrated by community parades.
But I prefer to commemorate it with musical art, of course:
Anna Palina and the band Draupner sing the traditional "Ásu Kvædi." Listen!
Klakki is a contemporary ensemble led by Icelandic singer Nina Björk Elíasson. Listen!
Read more about Icelandic musicians on RootsWorld
Buy Icelandic music at cdRoots