The Bridge Between Continents on Reykjanes Peninsula is a popular tourist attraction. It is located at the western edge of the rift valley formed along the volcanic system of Reykjanes. 
The rift follows the direction of the polar convection cells, as shown here on Google map:
The outstanding part of the rift, with the bridge over it, is close to another less prominent feature. It is found to be due to horizontal tectonic force, as the angle is half of the other compared with EW-axis. The rift is supposed to have been deepened by the combined effect of these two tectonic alignments.
This is very similar to the settings of the Almannagjá rift of Thingvellir National Park, where the combination of tectonic alignments forms high walls at the side of the rift valley.
Magic Magma 