The letter i is pronounced similar to the English kid. The Icelandic letter y has the exact same pronunciation.

It can be long:

Or short:

If the next letter is ng or nk, it is pronounced like í:

There is an important word that, unintuitively, follows the above rule. That is the word “vinkona” (pronounced /vínkona/). This is unintuitive because the nk rule doesn’t otherwise apply across word boundaries (the word vinkona is made up of two words, vin-kona).

The name of the letter is “i”.