Lake Krokavatn has an area of 0,56 km². It is rather deep and situated 166 m above sea level about 5 km form the end of Bay Finnafjordur. The fishing permits are only valid south of the peninsula Lambatangi and only 6 rods are permitted per day. Its discharge, Krokavatnsa, spills into the aforementioned bay. The catch consists of lake char and brown trout, 5-10 of each per day.

A small fishing lodge is on the lake. The old route across this area passes near the lake but the present main road is quite far away. The road authorities needed construction material for the present road and found it by the lake, thus having to build a road there.

The distance from the capital is 614 km by the Whale Bay tunnel and 15 km from Thorshofn.