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Is the public transport system in Reykjavik reliable?

I'm planning a trip to Iceland. Originally, I was going to rent a car, but most of what we want to do is in Reykjavik. We're going to Husavik, but are probably going to fly - it's cheap and avoids the roads which are the 'least developed' in western Europe. Because of this, we're hoping to avoid renting a car. Is Reykjavik's bus system reliable enough to trust?

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