This is a morphological analyser for Icelandic. You may also be interested in Hrafn Loftsson's
IceNLP (morphological analysis and tagging), and Stefán Briem's
Tungutorg (morphological analysis and tagging, and machine translation). Although neither are free software. There is also analysis and tagging for Faroese
here and from Trond Trosterud at the University of Tromsø,
here.
Coverage: top 1,000 word forms from Wikipedia (93.3%), top 10,000 from Wikipedia (76.4%), whole Wikipedia: (80.1%). The list of abbreviations (tags) used can be found
here, or select "Human readable" display to view a more friendly format.