This waterfall is called Skógarfoss and is south of the Glaciers Mýrdalsjökull and Eyjafjallajökull on the southern most part of Iceland. The waterfall is 60 meters high.
If the sun conditions are favourable - one can see a vivid rainbow in front of the waterfalls. It is said that if you see the rainbow in front of the waterfall and you walk towards it you will be abel to see it not forming an arch but forming a ring.
The river below the falls holds a large salmon and char population and fisherman are seen here fishing July - October.