The little ship hanging under the vault was donated as a tribute by the parents of a 25-year-old who drowned off the coast of Iceland.

[9] In addition to the village's fishing industry, there is a supermarket, a café, a timber outlet and the Atlanticpane window factory.

[10][11] The annual village festival, Sundslagsstevna, is celebrated alternatingly in Kollafjørður, Hósvík and Hvalvík in early July.

[12] Jens Christian Djurhuus (1773–1853), who lived in Kollafjørður, wrote a number of ballads based on the Icelandic sagas.

They are still sung today, especially the ones about Olaf Tryggvason or the Battle of Svolder and the ballads of Sigmund and Leif.