Patreksfjörður is the biggest town in the southern part of The Westfjords. Early in the 20th century, Patreksfjörður was a pioneering force in Iceland’s fishing industry, initiating trawler fishing. Still today the chief occupation is commercial fishing and fish processing. Other industries, like fish farming and services are also increasingly important.
Tourism has been on the rise in Patreksfjörður, not surprisingly, as the village has gems like Látrabjarg, Rauðisandur and Dynjandi Waterfall within its reach.