Lake Stifluvatn has an area of 3,9 kmē. Its greatest depth is 23 m and it is situated at 97 m above sea level. Its catchment area consists of a few rivers and brooks and the discharge, Fljotaa, connects it with lake Miklavatn. Lake Stifluvatn is actually the water reservoir for the Skeidfoss hydroelectric power station.

Before the dam was built, it was much smaller and lower than it is now. The catch consists of lake char, up to 6 pounders. All around the lake people pick crowberries and bilberries late in August and early in September. It is wonderful to spend some time in this marvelous area and watch the midnight sun during the summer months.

The distance from the capital is 403 km by the Whale Bay tunnel and 20 from Olafsfjordur.