In the beginning of time, there was nothing: neither sand, nor sea, nor cool waves. Neither the heaven nor earth existed. Instead, long before the earth was made, Niflheim was made, and in it a spring gave rise to twelve rivers. To the south was Muspell, a region of heat and brightness guarded by Surt, a giant who carried a flaming sword. To the north was frigid Ginnungagap, where the rivers froze and all was ice. Where the sparks and warm winds of Muspell reached the south side of frigid Ginnungagap, the ice thawed and dripped, and from the drips thickened and formed the shape of a man. His name was Ymir, the first of and ancestor of the frost-giants.

As the ice dripped more, it formed a cow, and from her teats flowed four rivers of milk that fed Ymir. The cow fed on the salt of the rime ice, and as she licked a man's head began to emerge. By the end of the third day of her licking, the whole man had emerged, and his name was Buri. He had a son named Bor, who married Bestla, a daughter of one of the giants. Bor and Bestla had three sons, one of whom was Odin, the most powerful of the gods.

Ymir was a frost-giant, but not a god, and eventually he turned to evil. After a struggle between the giant and the young gods, Bor's three sons killed Ymir. So much blood flowed from his wounds that all the frost-giants were drowned but one, who survived only by builiding an ark for himself and his familly. Bor's sons dragged Ymir's immense body to the center of Ginnungagap, and from him they made the earth. Ymir's blood became the sea, his bones became the rocks and crags, and his hair became the trees. Bor's sons took Ymir's skull and with it made the sky. In it they fixed sparks and molten slag from Muspell to make the stars, and other sparks they set to move in paths just below the sky. They threw Ymir's brains into the sky and made the clouds. The earth is a disk, and they set up Ymir's eyelashes to keep the giants at the edges of that disk.

On the sea shore, Bor's sons found two logs and made people out of them. One son gave them breath and life, the second son gave them consciousness and movement, and the third gave them faces, speech, hearing, and sight. From this man and woman came all humans thereafter, just as all the gods were descended from the sons of Bor.

Odin and his brothers had set up the sky and stars, but otherwise they left the heavens unlit. Long afterwards, one of the descendants of those first two people that the brothers created had two children. Those two children were so beautiful that their father named the son Moon and the daughter Sol. The gods were jealous already and, when they heard of the father's arrogance, they pulled the brother and sister up to the sky and set them to work. Sol drives the chariot that carries the sun across the skies, and she drives so fast across the skies of the northland because she is chased by a giant wolf each day. Moon likewise takes a course across the sky each night, but not so swiftly because he is not so harried.

The gods did leave one pathway from earth to heaven. That is the bridge that appears in the sky as a rainbow, and its perfect arc and brilliant colors are a sign of its origin with the gods. It nonetheless will not last for ever, because it will break when the men of Muspell try to cross it into heaven.