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Fagrifoss is a distinctive waterfall that we worked for as it was on the way to Laki (or Lakagígur) along a very rough and rugged 4wd road, which we self drove. With all the trouble it took to get here, at least the walk to the falls was pretty simple and straightforward (though we did have to be wary of the dropoffs since we were looking across the chasm at it). This seemed like a pretty unique waterfall in that it had a rounded brink while segmenting on its initial plunge before hitting slanted cliff towards its bottom.
The best view was actually along the walk to the overlooking outcrop (and not the overlooking outcrop itself). That was because at the outcrop itself, the bottom of the falls had obstructed views (unless we risked it and got dangerously close to the cliff's edge).
By the way, Laki was known for having one of the largest recorded eruptions in recorded history. Its eruption back in the 18th century resulted in mass deaths of livestock. The consequent famine that ensued almost wiped out a third of the Icelandic population. It was even speculated that this eruption might have caused agricultural hardships in Europe - namely the one that might have sparked the French Revolution!
Directions: From Kirkjubćjarklaustur, we headed southwest on the Ring Road for about 6km until there's a well-signed turnoff for Laki on our right. From there, we followed the signs and the road to Lakagígur (Lakavegur) for another 18km.
There were at least two river crossings (one pretty long over multiple segments of the river) plus a section along a rocky stream bed so 2wd vehicles wouldn't have a prayer. It was after the second major river crossing that we saw a spur road branching off Lakavegur towards the car park for Fagrifoss. Just downstream from that second river crossing was where the water went over the waterfall.
Because this excursion marked the very first time I ever did a major river crossing (unbridged) in a vehicle, I was hesitant to continue until an Icelandic local encouraged me and let me follow him. That was very nice of him.
If all this seems like a lot of trouble to do on your own, there are day tours to Laki from Kirkjubćjarklaustur which includes a stop to this beautiful rivuleted waterfall.