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The Gjain Waterfalls (or Gjáin Waterfalls; I think is pronounced "GYAU-in") merely pertain to the pair of falls that we noticed within the lush garden paradise nestled within a rift zone. While the waterfalls themselves were attractive, we thought the rift zone setting was interesting in that it felt like we were entering a different place that contrasted from the typically dry and desolate desert highlands surrounding the area.
From the approach that we took, we found a little car park area (see directions below), and then descended a path that went to the base of the waterfall on the near-side (right) of the photo you see at the top of the page. Apparently, there was another way to access the rift zone, but we didn't take the time to figure it out (though I reckoned it would've taken us to the other waterfall).
While we were here, we thought it was worth the extra side excursion to the historical form Stöng (a half-hour's walk from the rift zone itself though there was a separate car park for it as well).
Directions: We reached Gjain after visiting Háifoss. So coming in from Hrauneyjar Highland Center, we went west on Route 26 for about 21km turning right onto the unsealed access road leading to Háifoss. But instead of turning right at the first fork, we turned left and followed this fairly rough, unpaved road (but doable for 2wd) for about 4km to the car park.
Continuing another 880m to the west was the car park for Stöng.
Another 5km west of that, the road returned to Route 26 in Ţjórsadalur.