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In the great battle, Hagen is severely wounded and Siegfried is celebrated as a hero. Gunther recognizes the need for new allies. The Roman Aetius demands Burgundy as a colony and Kriemhild as his wife, which enrages Hagen.
Siegfried and Hagen are supposed to fight together against the Saxons and Danes, while Kriemhild is to enter into a political marriage. But Hagen loves Kriemhild, wants to prevent this, and warns against Siegfried's impulsiveness.
The Huns threaten Burgundy, while Siegfried seeks Kriemhild's hand in marriage. Gunther seeks new allies and plans a journey to Iceland to defeat the Valkyrie queen. Hagen cleverly persuades Siegfried to join the dangerous plan.