This average sized lake is situated south of the westernmost farm, Vatnshlid, of the Vatnskard Pass.  The property of the farm belonged to the estate Glaumbaer in The Skagafjordur District in the past and among its advantages was the trout and char catch of the lake.

Accidents have happened on the lake and its discharge.  In 1759, an enormous flood wave of meltwater rushed down a gully in the slopes of Mt. Vatnshlidarfjall and buried the farm in gravel and sand.

A maid and a child were rescued the following day.  The sister of the lady of the house managed to climb up on a beam and get out through a window to fetch help from the nearby farms.  The lady of the house was found lying across a babies cradle.  She died soon afterwards but the baby lived.  The farmer was found dead in the corridor and a few days later still another maid was found with some signs of life.