Skógafoss is constantly shrouded in swirling clouds of mist. On sunny days, you are guaranteed to see an arching rainbow and often a double. If you have always wanted to discover a pot of gold at the end of a rainbow, then Skógafoss is the place to look. According to folklore, an early settler named Þrasi Þórólfsson buried treasure here circa 900 AD. One man found it during the 17th century. However, when he tried to extract it, the handle came off in his hand and the chest disappeared. The legendary ring is on display at nearby Skógar Museum.