Krafla includes the crater Víti, one of two well-known craters by this name in Iceland (the other is in Askja). The Icelandic word "víti" means "hell". In former times, people often believed hell to be under volcanoes. Víti has a green lake inside of it.
The Mývatn fires occurred between 1724–1729, when many of the fissure vents opened up. The lava fountains could be seen in the south of the island. The lava flow destroyed three farms near the village of Reykjahlíð. Nobody was harmed.
Between 1975 and 1984 there was a volcanic episode within the Krafla volcano.
Since 1977 the Krafla area has been the source of the geothermal energy used by a power station.