Lake Hólmavatn is in Sauðaneshreppur in Langanes, about 15 km from Þórshöfn and 640 from Reykjavík. It is 0.36 km² in area, shallow and at 10 m above sea level. A stream flows from lake Gunnvararvatn into it and the drainage is through Krossós to the sea. There are a lot of fish, mostly resident brown trout and Arctic char. There are fewer sea-going fish, but some sea-run char and sea trout migrate to the lake via Krossós and Hólmavatnslækur. It is permitted to fish in both streams and estuaries. The best fishing is in the first part of summer and then in autumn. There are also good fish in lake Gunnvararvatn.