raunakostnað

Raunakostnaður is an Icelandic term used in economics and accounting to describe the real or true cost of a good, project, or decision. It is the economic cost that arises when direct expenses are combined with indirect factors such as maintenance, overhead, opportunity costs, and, in some contexts, environmental or social effects. The concept is typically contrasted with nominal or accounting costs, which may not reflect changes in purchasing power or broader welfare implications.

In practice, raunakostnaður aims to capture the costs that matter for decision making. This often means adjusting nominal costs for inflation so they are expressed in constant terms, or base-year prices, to reflect real purchasing power. For longer horizons, real cash flows may be discounted to present value, but the underlying idea remains: the true economic burden or value of a choice, not just the ledger expense. Some analyses also incorporate external costs, such as environmental damage or social disruption, into the raunakostnaður to reflect broader welfare effects.

Applications of raunakostnaður occur in cost-benefit analyses, project appraisal, budgeting, and policy evaluation. By presenting costs in real terms, it supports more meaningful comparisons between alternatives and over time. It is important to note that the exact definition and components of raunakostnaður can vary by country, sector, or context, so transparency about what is included is essential in any assessment.