Lake Krokavatn has an area of 0,8 km². Its greatest depth is 15 m and it is situated 30 m above sea level 2 km northeast of the hydroelectric power station on road no. 944.
Only two rods are permitted per day and they have to be reserved well in advance. The surroundings are boggy and excellent for bird watchers. The walking time from the main road to the fishing spots on the lake is about 20 minutes. The distance from the capital is about 684 km by the Whale Bay tunnel and 35 km from Egilsstadir.