Icy was a vocal trio, that was the first Icelandic entrance in the Eurovision Song Contest. The group was formed after Pálmi Gunnarsson won the first ever national selection for the contest in Iceland. The group originally would have been named Foreign Exchange, the name of Icy came up later. All three artists were established solo artists in Iceland. Pálmi Gunnarsson and Helga Möller took part in the national selections again more than once, but never made it to the Eurovision stage again. Eiríkur Hauksson did: he participated in the Eurovision Song Contest for Norway in 1991, as a member of the group Just 4 Fun, and in 2007 as solo artist for Iceland.
Icy was just a project for Eurovision. “Gleðibankinn” was their only song.