Waste takes place in an imaginary civil war in the hitherto peaceful and pacifist Icelandic society. The film tells the story of a soldier who increasingly questions the usefulness and purpose of wars.

The widow has inherited half of the farm, and is in league with a businessman from the village, who wants to buy the farm. Her purpose is to get her in-laws to sell her their share, and she is prepared to use any means to gain her ends. But soon she finds herself threatened by unknown persons or forces in the menacing winter landscape, to the point where her life is at stake.