"Volcano," a drama that deals with aging, received the International Critics Award and the Church of Iceland Award on the night before the close of the festival.
The Hollywood Reporter said "Volcano" was Iceland's main contender for the Academy Award for best foreign film.
Russian director Angelina Nikonova earned the Golden Puffin Discovery Award for rising filmmakers for "Twilight Portrait."
The Audience Award for the most popular film at the festival went to the Finnish picture "Le Harve," which The Hollywood Reporter said was also an Oscar contender.
An estimated 27,000 people attended the eighth edition of the festival.