Lake Ólafsfjarðarvatn is about 2.3 km² in area; about 3 km in length and about 1 km in width where it is widest, and the maximum depth is 11 meters. The lake is special for many reasons. It is layered with fresh and salt water, and, in some places, there are warm water layers. It is on the list of natural monuments because of these characteristics. There is quite good fishing in Ólafsfjarðarvatn, mainly for Arctic char and local brown trout. Ice fishing is practiced from February until the ice melts. During the highest tides, seawater flows into the lake, so it is salty at the bottom. Fish that otherwise live in the sea are caught there, e.g., shorthorn sculpin, plaice, cod, pollock and even herring. However, the catch of sea fish has decreased somewhat in recent years. Farmers have nets in the lake during the summer and often fish quite well.