Lake Vífilsstaðavatn is very popular with anglers and many consider it essential to fish there in the spring to catch the first fish of the year. It is 38 m above sea level and measures 0.27 km² in area. It is true to say that Vífilsstaðavatn is very suitable for beginners and is ideal for practicing fly casting. The lake is mainly home to brown trout and Arctic char. Most of the fish are small char, but there is also a considerable catch of larger fish, usually 1-2 pounds. The best fishing is in the spring, May and June. The fish from the lake are said to be very good to eat.