I tweeted this deal first from @MileValueAlerts. Follow @MileValueAlerts on Twitter and follow these directions to get a text message every time I tweet from that account.

Alaska Airlines miles can now book Icelandair flights. This is something I have hoped for since September when the partnership was announced. Here is the award chart for Icelandair flights with Alaska Airlines miles.

The good news:

You can book Icelandair flights with Alaska miles between North America and Iceland, North America and Europe, or the opposite direction.
You can book one way awards.
You can get one free stopover per one way award. You can get two per roundtrip.
You can book Medium and High economy award space, and they really aren't that expensive.

Alaska Airlines has added Icelandair as a partner for mileage earning effective October 1, 2015. You will earn Alaska Miles at a rate of 25% to 250% of mileage flown depending on the fare bucket and class of service of the Icelandair flight.

I've never been to Iceland, and I really want to go, but other than points that can be redeemed like cash toward any flight, there are no convenient miles to book Icelandair or WOW Air (another Icelandic airline) flights.