The Flateyjardalur coast and Flateyjardalsheiði valley are named after Flatey.

People first settled on Flatey in early historic times, but it never had a large population.

Skjálfandi bay is an excellent place for fishing, especially for cod and lumpfish, so it is from the sea that most inhabitants take their living.

One of the things that attract the most tourists is the great number of bird species to be found on the island.

Thirty of the thirty-seven species of bird in Iceland are found there during the breeding season: puffins, terns, Eurasian whimbrels, and plovers are examples.