A memorial was established in 2000 just north of the village Syðradalur on Kalsoy, in remembrance of residents with ties to the village who lost their lives in accidents at sea or on land.

The land for the memorial was donated by Erik Eliasen. The project was planned and carried out by a local committee consisting of Jens Jacobsen, Ásbjørn Lómaklett, Solveig Hansen, Erik Eliasen, and Paulina Eliasen. The work was fully completed and funded by July 8, 2000.

The memorial is funded by the Andreas Eliasen Memorial Fund and is maintained by Klaksvík Municipality.