Lake Krókavatn is upon the Fell Heath, about 5 kilometers from the base of the Finnafjörður fjord in the Bakkaflói gulf. The size of the lake is 0.56 sq. km, it is quite deep and sits 166 meters above sea level. Fishing permits are valid only in part of the lake, specifically south of Lambatangi (see map). The Krókavatn river streams from the lake and into the Finnafjörður fjord. The maximum number of fishing poles permitted per day is limited to 6.
It is possible to catch both trout and lake char. It is best to fish in calm weather from the sout bank of the lake. In the old days a thoroughfare lay just north of the lake, but today the highway is quite a distance away, approx. 5 kilometers. The distance to the lake from from Þórshöfn, the next populated place, is approx. 20 km. The road from the highway to the lake is an off-road track for 4×4 vehicles.