The Polar Bear Island rises about 28 m above sea level and it is cut by a gorge, which holds a big boulder in its middle.  This boulder is of the same type as the Giantess Mountain near the Mt Pass Kerlingarskard, which was the main route across the peninsula before the new road, the so-called Lake Route, was opened in the autumn of 2001.

There are two explanations for the existence of the boulder in the gorge:  The giantess wanted to destroy the church at Helgafell, just south of village Stykkisholmur or she wanted to settle a grudge with one of the farmers in the area, who was fishing in his boat in the Island Hrappsey Sound, and missed.