You can spot this impressive huge volcano from a big distance. And it's only a short drive to get there. From the 1 road, take the exit onto the 848 heading south and follow it for about 3.5km. This is where you'll find the entrance road to the volcano (GPS coords: 65.610767, -16.917448. Just follow the gravel road until you reach the parking lot with the little building.
From here on your walk up starts, it's quite the climb and it can get very windy, we literally had rocks thrown in our faces because of the strong wind. In winter there was the added snow and ice, without crampons we wouldn't have stood a chance of getting up there. Once you're up it's a beautiful surrealistic view. If you want to walk the full circle that's going to be a little over 3km. Good luck!