Kollsvík is a bay and a historical settlement in the Westfjords. According to tradition, it was originally settled by a man named Kollur, after whom it is named. The surrounding area used to have the farms Kollsvík, Láganúpur, and several fishing stations where fish were caught and dried. The area thrived the most during the periods of 1350–1750 and 1890–1940, when families living off fishing and agriculture resided here. The last permanent residents of Kollsvík left in 2002.
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