Nólsoy is an island and village in central Faroe Islands, located to the east of the capital Tórshavn in Streymoy. There is only one settlement on the island: Nólsoy on the north-west coast on Stongin, a peninsula attached to the rest of the island by a metres-wide isthmus. There is also one mountain Høgoyggj, the highest point is called Eggjarklettur (371 m) and Nólsoy is the lowest of the Faroese isles, it is accessible by a 20 minute ferry journey from Tórshavn. Nólsoy has the world's largest colony of storm petrels. The southern coast contains two capes, each with a lighthouse (Øknastangi on the south-east, Borðan on the south). The lighthouses were built in the late 18th century to aid smugglers working against the trading monopoly.
As many as 40 people that live in Nólsoy go to work in Tórshavn each morning. In recent years many young families have moved from Tórshavn to Nólsoy where the houses are cheaper than in Tórshavn . This way it is possible to live ‘in the country’ and still be only 20 minutes from the capital.
Nólsoy has an annual civic festival called Ovastevna. The festival is in the beginning of August. Ovastevna is similar to Ólavsøka in Tórshavn only smaller. Ovastevna is held to commemorate Ove Joensen from Nólsoy. He rowed from Faroe Islands to Denmark in a traditional Faeroese boat in 1986. In 1987 Ove drowned in Skálafjørður-inlet where he fell over board. The profit from the festival is used to build a swimming pool for the children in Nólsoy. Ove originally started this project after his row to Denmark.
Nólsoyar Páll came from Nólsoy. He is recognized as a kind of freedom fighter and national hero. He fought to end the Royal Trade Monopoly in the beginning of 19th century. The Royal Trade Monopoly was exhausting and impoverishing the people of the Faroe Islands from 1271 to 1856. Nólsoyar Páll carried trade between Denmark and Faroe Islands in his ship ‘Royndin Frida’. His ship was the first Faeroese ocean-going vessel since the early Middle Ages.