Reykjavik has changed a lot in recent years and decades. It can be said that it has changed from being rather relaxed city with a few travelers to being a city full of hustle and bustle awake around the clock.
In the old days, the Reykjavik Pond was very important in the lives of the citizens. On good summer days, walking around the pond and the birds were given bread or you sat down and watched the easy city life pass you by and in those days it was rather quiet compared to what it is today.
In winter, the water in the pond was freezing, and the opportunity to go ice skating was often used. The islet shown in the picture was used for bases or for rest.
Although much has changed in Reykjavik, I think the pond is mostly as you see in the picture. You can still walk around it and watch the city life, give birds some bread to eat or possibly go ice skating when ice is laid.