Breakdown of Hvernig hefur þú það?
þú
you
það
it / there (existential) / the one (n)
hvernig
how
hafa
to have
Questions & Answers about Hvernig hefur þú það?
The translation says "How are you?", but where is the Icelandic word for "are"?
This greeting is a set phrase that doesn't use the verb "to be" (vera). Instead, it uses hefur (have). If you translate the sentence word-for-word, it actually asks "How have you it?".
What is the purpose of the word það at the end?
Why does the verb hefur come before þú (you)?
This is due to the Icelandic verb-second rule. Whenever a question starts with a question word like Hvernig (How), the verb must immediately follow it in the second position. This forces the subject (þú) into the third spot.