Parliamentary elections were held in Iceland on 30 June 1974.[1] The Independence Party remained the largest party in the Lower House of the Althing, winning 17 of the 40 seats.[2] They formed a coalition with the Progressive Party and Independence Party leader Geir Hallgrímsson was elected Prime Minister.
Early elections were triggered by the collapse of the coalition due to a petition to reconsider a policy that would close the United States navalbase in Keflavik.[3]