The area within the Reserve including drains and fences, and measures 37,026 square metres (398,540 sq ft).

[3] A general conservation plan, particularly for activities related to the nesting area of birds, was developed for the period of 1990–2001 by the City Council.

A master plan for the period 2001–2024 was subsequently developed with detailing for pond areas, fencing, walkways, and bridges.

The vascular plant species identified are the following:[3] As a result of deterioration noted in the wetlands of Vatnsmýrin Reserve in recent years, the number of birds reported in the lake demonstrates a declining trend.

Action plans have been initiated jointly by the Nordic House, the University of Iceland, and City Council to improve the conditions in the reserve by removing invasive species, replacing these with wetland vegetation, building embankments, building sedimentation ponds in the main stream to improve the flow through the moors, and de-silting the lake.