The process can be carried out by staff at Keflavik airport. The Company “Kefparking” operates a fast, 24 hour disinfection service at Keflavik International Airport. Price is around 40$ (ISK 4.900) for the first 5 items, with an additional 2.5$ (ISK 300) for each item after the first five. Contact the custom officers for this service. You may have to wait for a few minutes.
And please note that all import of fresh bait of organic origin is strictly forbidden. This ban includes for example all kinds of worms, larvae, shrimps, minnows and eggs of fish. Any attempt to import such bait is punishable by law. Just the same, it may be imported if thoroughly cooked.