The principal industrial activity is commercial fishing. Agriculture and collecting seabirds' eggs are also common. Grímsey is also a popular tourist destination for visitors who wish to experience the Arctic Circle. The island is served by regular ferry and aircraft passenger services from the mainland.
The church on Grímsey was built from driftwood in 1867 and renovated in 1956. It is within the parish of Akureyri. The island also features a community center and a school from kindergarten to Grade 8. Beyond this age, students travel to Akureyri for further education. The church was formerly a parsonage, and is situated at a place marked as Miðgarður on most maps of the island; however, the single settlement is officially known as Sandvík.
The island has acquired a long-standing reputation for being a bastion of chess-playing. On learning this, the American scholar and keen chess player Willard Fiske took a protective interest in Grímsey in the 1870s, sending supplies, supporting the economy and leaving money in his will, though he never once visited
