The Ministry of Foreign Affairs is in assisting the man’s next of kin, according to press officer Sveinn H. Guðmarsson.
Swedish media reported on the disappearance and Vísir was the first Icelandic outlet to pick the story up, on Sunday.
Swedish media say the man, who is around 40, fell off the jet ski around 200 metres from the shore on Saturday afternoon.
Search & rescue workers looked for the man all day on Sunday with divers and helicopters, without success.
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