So, we are back at home now. I managed to clip our few minutes of whale watching video to just the "money shots". The sound isn't great, but you can hear the the blow and a bit of the guide's commentary.
The body of water is the Skjálfandi, we at the north western end (you can see the Kinnarfjöll mountains in the background) at the opening to the Arctic Ocean.
The real thing is MUCH more impressive than the video.