Bargain travel to Iceland?

With the Icelandinc Krona trading at 116 to 1 US dollar, why does a round trip ticket to Reykjavic from Minneapolis still cost $3,800? That's nearly double what it would cost to fly to New Zealand.

I thought when a country's currency was in the toilet, it meant it was a good financial time to travel there.
Does anyone know if the prices once I'm actually in Iceland will be ridiculously low in US dollars?