Lake Olafsfjardarvatn has an area of 2.25 kmē and its greatest depth is 10 m. The catch consists of Sea Char and Brown Trout. Ice fishing starts there in February and continues until the ice melts.

During the highest tides, sea water enters the lake and makes its lowest levels saline and increases the number of species caught in the lake (sea scorpions, plaice, cod, saithe, herring etc.).

The distance from the capital is 414 km by the Whale Bay tunnel and 60 km from Akureyri.