The islet is named after Kolbeinn Sigmundsson, from Kolbeinsdalur in Skagafjörður, who according to Svarfdæla saga is said to have broken his ship there and died with his men.

[2] A basalt landform, devoid of vegetation, Kolbeinsey is subject to rapid wave erosion and is expected to disappear in the near future.

[3] In August 2020, English YouTuber Tom Scott published a video confirming the continued existence of the island, with two skerries still visible at low tide.

It had been found that almost a half of the helipad that was laid with concrete in 1989 had been destroyed when a large piece of rock separated from the rest of the island.

[13] In an August 2020 video, Tom Scott, a British YouTuber, chartered a plane to confirm the continued existence of Kolbeinsey; the two skerries were still visible.