This sort of looks like a harpoon, and for good reason. It's a gift from the United States to Iceland in tribute of 50 years of friendships between the countries, as the sea between them has helped bring them together.
The sculpture sits on the Reykjavik waterfront, and there's an identical structure sitting in South Florida. The idea is to link the Gulf Stream that connects the two countries in a sense. The two sculptures went public in 1991.
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