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Viðey séð frá Sæbraut or Viðey seen from Sæbraut or "Isle of By" seen from "Sea lane". "By" meaning "along". "Við" can also mean of wood, but since there isn't any wood on it (there might have been in the past) I'm sticking to "By", as in the isle along Reykjavik or something. "Við" also means "Us" but the "Isle of Us" seems like nonsense.