The cache is not located at the coordinates posted above
As I am aware that most people probably try to solve this mystery at home and would like to plan ahead: The cache is located somwhere along road number 1 between Bifröst and Staðarskáli. In order to find the exact coordinates, however, you will have to solve the riddle displayed below.

(Click the image to see a larger version)
Geochecker

Please do NOT post any pictures showing the final location. In future such logs will be deleted.
Parking suggestion see geochecker