They don't appear to hate Americans, but it's a pricy place to go on a vacation. Particularly lodging is steep. A dip in the Blue Lagoon is 30 Euros ($45). Unless you rent a car you won't be able to get around. Many of the roads would give caution to a tracked vehicle. We found the cheapest way to eat was hot dogs at the Icelandic equivalent of 7-11.
I will pack tons of beef jerky and cashews, and I will sleep in a ditch. :)