Class Reunion 2: A Wedding and a Funeral sees the return of the three high-school friends Mart, Andres and Toomas. This time they are planning a memorable stag party for Toomas, but due to unexpected turn of events end up at a funeral instead. It has been a year since the unforgettable class reunion and our three friends have all reached new stages in their lives. The rock star Toomas (Genka) has finally decided to get married. Mart (Mait Malmsten) is having troubles with his wife. And Andres (Ago Anderson) has declared war on the female sex and decided to become a resolute bachelor.

The Soviet Union teeters on the verge of collapse in 1990 and tiny Baltic nations struggle to take back their independence. A rising tide of public opinion opposes the Estonian national team's participation in the USSR's basketball championship. The team makes the unpopular choice to participate.

Mihkel boards a ferry from his small town in Estonia to Saint Petersburg in Russia, on his way to Iceland, where he wants to make a new life for himself and his fiancée, Vera. His friend Igor, who emigrated to Iceland a few years earlier, convinces Mihkel to smuggle two bottles of liquid amphetamine and then seek payment from an 
Estonian priest, who is a business partner of Igor’s in Saint Petersburg. The priest is then to set him up in his new home and bring Vera over to join him. Rather than getting paid, he is instead coerced into swallowing seventy drug capsules to take on to Iceland. He arrives in Iceland and is picked up by Igor and his two Icelandic accomplices, Jóhann and Bóbó. However, in the next two days it becomes clear that something is wrong and Mihkel cannot pass the drugs. The Icelandic criminals become very nervous, and more and more frantic activity ensues as the situation becomes more serious.