Lake Hedinsfjardarvatn is situated at 3 m above sea level in a 6 km long and 1 km wide valley, which was abandoned in 1857. Its area is 1,7 km².
There is a refuge hut near the lake and a fishing lodge on the northern side.
The catch consists of sea char, 1-5 pounders, and lake char as well. The sea char appears late in summer. The valley is a bird watcher’s paradise. The Arctic foxes are so tame, because of limited hunting, that the anglers have to watch their catch closely. This lake is not much frequented by anglers, but those who seek peace and quiet and a good catch keep coming back. The distance from the capital to Olafsfiord is 456 km and to Siglufiord 401 km by the Whale Bay tunnel. After Hedinsfjardar tunnel are now easily accessible by car.