The late Egill Olafsson, farmer at Hnjótur in remote Patreksfjörður, accumulated quite a collection of old boats, airplanes and lots of other stuff- a typical pastime on isolated farms in the West Fjords (others had loads of old cars, built Eiffel towers from scrap metal etc...). This collection has been turned into a museum with cafè, a welcome lunch stop for tourists on their way to the bird cliffs of Látrabjarg.
(I couldn't find any information about the sculpture which from the other side shows the stylized prow of a boat with the cross on top)