There is some seriously great stuff in Iceland, and thats before you get to the hill. It's been on my list forever but I have to say, after watching a couple of these videos, it jumped up a couple of slots.
Anything less than $400 is a good deal, less than $300 is sort of insane.
Iceland's economy has recovered a lot in the past couple of years so things aren't as cheap while you are there but it is still one of the more affordable locations in Europe and a Sub-$300 flight is WAY cheaper than what you are going to pay to get anywhere else on the continent.
Ski and Snowboard
I'm no expert but I would rather save the $300 on the flight and put that toward getting on a helicopter with this guy:
Yes there is surfing and yes, of course, bring your heaviest rubber.
Back on the snow, if you weren't already stoked here's a trailer for the newest and a throw back to a couple oldies from Icelander Eiki Helgason;
Sure this one isn't Eiki (he has a brother), and it's only part Iceland but damn it's worth a watch anyway;