The story of an Icelandic man and his slow descent into madness. Along his journey he meets Dagný, the initial cause of his breakdown. Other people he meets in the asylum have been committed for various reasons, such as signing cheques for Adolf Hitler and, believing themselves to be writing songs for the Beatles and telepathically transmitting to the band.

Charming desperado Ossy, carrying a deadly secret, tracks down his childhood pal Jimmy in Iceland. But Jimmy, now with a family and a regular job, will do anything to hide his past.

A whale-boat is making its final whaling tour of the season. It pursues and catches a whale, and then proceeds home. The men working on the boat have to find themselves different employment now that the season is over. Among the crew are two friends, Grímur and Bubbi. The film mainly concerns itself with their efforts to make some kind of contact with what is going on in Reykjavik.