Lake Asbudnavatn has an area of 0,45 km². It is rather shallow and is situated almost at sea level.
It is separated from the sea by an uninterrupted gravel reef, through which the lake water spills into the sea. The main road passes a short distance away and from it a road to the farmstead Asbudir and the lake. The catch was mainly of lake char, but to day is no fishing in the lake. The distance from the capital is 307 km by the Whale Bay tunnel and 40 km from Skagastrond.