Iceland progress to the round of 16 to face England in this year's Euros after coming second in Group F thanks to a late winning goal from Traustason which sees Austria out of the tournament and demoted Portugal to third place in the group.
Iceland had spent almost the entire second half under a siege as Austria desperately tried to win the match and stay in the tournament - having levelled the match in the 60th minute thanks to Alessandro Schopf.
That cancelled out an 18th minute opener from Kaiserlautern star Jon Dadi Bodvarsson.
Substitute Arnor Ingvi Traustason - who plays in Austria for Rapid Vienna, scored a break-away goal with the last kick of the match to send heart-broken Austria home.
Iceland 2-1 Austria
Source: transfermarketweb.com