OLI meaning in Airport Code ?

Ólafsvík (Icelandic pronunciation: ​[ˈouːˌlafsˌviːk]) is a small town in Iceland on the northern side of the Snæfellsnes Peninsula. At one point in the 17th and 18th centuries, commercial vessels sailed between Ólafsvík and Denmark, and the village was one of the larger trading ports in Iceland. Ólafsvík became certified trading place, authorized by the Danish King and Danish authorities, in 1687.

It is situated near the western end of the Snæfellsnes peninsula, on the north coast of the peninsula. It is on route 54, between Grundarfjörður and Hellissandur. At 23 degrees 42 minutes West, it is the westernmost settlement of its size in Europe.

Administratively it is in the Western Region and it is the administrative centre of the municipality of Snæfellsbær which also includes the tiny villages of Arnarstapi, Hellnar, Rif and Hellissandur.

As of 1 January 2011, it had 1,010 inhabitants.