Lake Kaldbaksvatn in District Strandir in the Northwest has an area of 0,56 km². It is rather deep and is located 2 m above sea level. The river Kaldbaksa runs through it to the sea. Road no. 643 passes just east of it and across its discharge on a narrow reef.
The surroundings are magnificent. The catch consists of sea char, eel and many ocean species. The abandoned farmhouse at Kaldbakur has been maintained to serve as a fishing lodge.
The distance from the capital is about 320 km by the Whale Bay tunnel and 54 km from Holmavik.