Iceland, who sensationally beat England 2-1 to reach the last eight for the best result in the tiny nation's football history, were 4-0 down at one stage but gave another never-say-die performance to claw back a more respectable scoreline. But in the end they were clearly outclassed by a for once united French side, every player at their best, notably striker Olivier Giroud who netted two goals and set up a third.
The party in Iceland's capital began hours before the match with the streets festooned with flags and face-painted fans, shops closing early, bars filling and a giant screen erected at the central Arnarhol park for an estimated 15,000 fans.
From there, several "Volcano claps" were practised, thousands "hoo-hooing" and clapping as one.
As the game was lost, most of the crowd stayed on anyway and with the help of the midnight sun partied on well into the early morning.
"I think everyone is just so happy we got this far in the tournament," said one fan, Lars.
"We are not going to be known as the underdogs anymore, [now] we are just Iceland."