We analyzed the population structure of Iceland using dense genotype data to show that there are subtle but discernable genetic differences between individuals from different Icelandic regions, and that these differences are broadly consistent with the ring-shaped topology of the inhabited part of Iceland. The average pairwise F ST of 0.0026 for the 11 regions we analyzed is similar to F ST values between different European populations. However, it is important to point out that F ST values in this study may be heavily dependent on the sampling scheme, and F ST values of a similar magnitude might be observed within other European countries if analyzed at the same geographical resolution. Notably, Icelandic subpopulation differences are due to recent genetic drift and not to varying contributions from ancestral populations, as the subpopulations from each Icelandic region inherit roughly 64% Nordic and 36% Gaelic ancestry.