The letter Ý is pronounced ▶ Play, exactly the same as the Icelandic letter í. It is pronounced like the English word see.

It can be long:

Or short:

The name of the letter is “ufsilon í” (upsilon is the Greek name for y).

For historical reasons, Icelandic retains both ý and í despite them being pronounced exactly the same. It is usually not possible to know which one to use without just memorizing the spelling. It takes years for Icelandic children to learn which words use ý and which use í. It would be possible to remove the ý from the language like was done with the letter Z in the 1970s, but few people support that idea.