Lake Holavatn has an area of 0,2 km². It is quite deep and is situated 40 m above sea level. Its discharge tributes to river Eyjafjardara and road no. 826 passes close to it. It abounds in small lake char and a summer camp for teenagers is nearby.
The distance from the capital is 471 km (42 km shorter by the Whale Bay tunnel) and 40 km from Akureyri.