Lake Kollavikurvatn has an area of 2,1 km². Its greatest depth is 4 m and it is situated just above sea level. River Kollavikura connects it with lake Thernuvatn and it is discharged through a gravel reef to the sea.

Road no. 85 passes near it and its surroundings are well vegetated. The catch consists of small lake char, ½ pounders, and brown trout, 1-4 pounders. The lake is netted by the farmers.

The distance from the capital is about 648 km by the Whale Bay tunnel.