I coincidentally stumbled upon a construction that could work as an Icelandic personal name for the Titan Atlas in Greek Mythology, one from with all derivatives like "Atlantis", "Atlantic", "Atlas mountains", "atlas" (landabréfabók) could (theoretically) be derived, instead of having to look for different equivalents for each, like "Serkjafjöll"  or "Mára-Alpar" (Atlas Mountains) or "Aftanhaf" (Evening-sea, based upon the old and Obsolete German "Abendmeer" for the atlantic Ocean, which was in its turn  derived from "Abendland" (Europe). 

I based my construction on the comparison of the Norse god "Þór" to figures like "Hercules" in Greek Mythology. I was also inspired by the construction "Krítar-Þór" in Old Icelandic writings, which was mentioned as a name for Zeus. 

Hercules and Atlas cooperated in the theft of the Golden Apples of the Hesperides (Vesturdísir), one of Hercules' twelve "assignments". Hercules temporarily took over the heavenly vault from Atlas, so the latter could steal the golden apples.

This links Atlas to Hercules as a "Kraftajötunn". Hercules was a demi-god, but Atlas was a Titan, thus a god.  For that reason I made the compound Axla-Þór (genitive plural of  "öxl", "axla-", referring to the body-part on which the heavenly vault rested) + Þór in the sense of "kraftaguð".  Atlas was a Titan, a giant and a deity. 

I've looked through dozens of possible candidates and, in my opinion, "Axla-Þór" stood out as the best choice. It is not too long and sounds somewhat similar to "Atlas". The first character is an "A",  and it has the consonant "l" and the "þ' of "Þór", not the same as a "T" but still there is a good dose of sound-similarity between Atas and Axla-Þór,  it is explanatory and it is constructed like a personal name, so I decided to base all the derivatives of "Atlas" on this construction.

Too outlandish?  No, think of the word "fórnarlamb" (literally "fórn (sacrifice) + "lamb" (lamb), which means "victim". We have a similar word in Dutch: "slachtoffer" (slaughter-sacrifice) and we use that for someone who died in, for instance, a plane-crash. This is a clear example that words are just "lables".  We don't think of a lamb that is slaughtered if we use the word to designate a victim of an accident.  In the same way: "axlaþór" (in the meaning of "landabréfabók" (book of maps, atlas it is written without a capital and a hyphen. 

The derivations of Axla-Þór 

Atlas Mountains:  Axlaþórsfjöll (instead of "Márafjöll" or "Púnmundíafjöll" (Pún- (Punic) + Mundíafjöll (Alps), the Atlas and the Alps belong to the "alpine orogeny".)

Atlantic (adj.): Axlaþórs-, axlþýris- ("axlþýrskur" is NOT possible because "þýrskur" has the same pronounciation as "þýskur").  

Atlantic Ocean: Axlaþórshafið (Instead of Aftanshaf (German "abendmeer", derived from "Abendland" (Western Europe)

Atlantic city (U.S. city) : Axlaþórshafsborg

Atlantides (Inhabitants of the mythical island of atlantis): Axlþýringar

NATO:  Axlarþórshafsbandalagið, Axlþýrisbandalagið

Atlanta (U.S. city): Axlþýrisborg (í Gyrgisfylki (Georgia))

Atlanticist: Axlþýringur, axlþýrissinni (Someone who supports NATO)

Atlantis (mythical island): Axlaþórsey

atlas (landabréfabók): The word "atlas" in the meaning of "book of maps" goes back to the 16th century Dutch cartographer Gerard Mercator (see added picture) who depicted the Titan on the cover his atlases.  At first glance it looks out-of-this-world to use this construction for "landabréfabók": "Opnaðu "axlaþórar" þínir á blaðsíðu ...", but if you use the international word "atlas" you also use exactly the same word as the Titan's name. 

I used the plural form "axlaþórar". But, ...  first names in Icelandic have no plural, or do they?  But it can be necessary on rare occasions. What if you have to say say for instance: "How many "Stefanies" are there in Iceland". In this case, one has to use the plural "Stefaníur" or "Stebbur". Now, "Stefanía" is a weak noun and therefore an easy one, but what about "Þór"? I checked all masculine, monosyllabic strong nouns and all had "-ar" in the nominative plural, so I guess the plural of "axlaþór" would be "axlaþórar": "Opnaðu axlaþórar þínir á bls. ..." I know, it is a stretch, but it is hardcore-Icelandic and peculiar, because it is not done in any language of the world. 

Icelandic equivalent for "Devon":

"Devon" is derived from the toponym "Dumnonia", the region near Cornwalls, inhabited by the Dumnonii, which is thought to mean "deep valley dwellers" from proto Celtic *dubnos 'deep'. In the Brittonic, Devon is known as Welsh: Dyfnaint, Breton: Devnent and Cornish: Dewnens, each meaning "deep valleys." (source: English Wikipedia: Devon). "Dubnos" also means "dark" and is the root of the Nordicized Celtic name "Dufþakur". There's also the name Dufn(i)all, which is the Viking corruption of the original form of Donald, in which "Dufn", comes from Domn (world)

I would take "Dufn" as the root for derivations of the topnym "Devon"

Devon, Devonshire: Dufnskíri ("Skíri" old Icelandic borrowing from Anglo-Saxon, the equivalent of "shire")

Devonians (the cEltic tribe of the Dumnonii): Dufnungar , dufnverjar

Devonian (in geology): "Dufneska tímabilið", "Dufnöld", but combinations with "velskur" are aso possible. The Celtic people were called "welsh" (strangers) by the Anglo-Saxon invaders: "Dufnvelska tímabilið". The name is often called "the Age of Fish", because fish reached a large diversity during this era and the first ray-finned and lobe-finned bony fish appeared, so "frumfiskatímabilið" or "Fiskafrumöld" is also an option.

Devon (a feminine personal name): Dufný (Dufný, Dufný, Dubnýjar)

acetylation - eðkun (from edik)

new words

Avogadro's number (chemistry): afgaðresk tala
Giotto (space probe): Djotti, Djottakanni
jujube (fruit): brjóstaldin (Dutch: borstbes (literally translated: brjóstber))
The Spirit of St Louis (Charles Lindbergh's plane): Sanktalúðvíski andinn

smyrlingsþumlar (mummy-thumbs, date-fruit)

The word date originates from the Latin dactylifera, which means "finger-bearing".  But dates don't actually look like fingers, they look like a special kind of fingers, they are "thumb-shaped'.  And they look brown and wrinkly, like the thumbs of a mummy.  The term "mummy-thumbs" actually pack a remarkable lot of information about how dates look like: The first element smyr(ð)lingur, "mummy" refers to Egypt, which is situated in that part of the world where dates are cultivated, while it describes the brown colour and wrinkly surface of the fruit, while þumlar, "thumbs" is descriptively more precise a reference to the etymology of the word "date".

pyrite (glópagull, brennisteinskís)

The term pyrite in its original meaning, before its meaning was extended to a large class of minerals, designated iron sulphide, which has a golden colour and was often mistaken for gold, hence the name fool's gold, of which the Icelandic glópagull is a literal translation.  But there are many more possibilities to form Icelandic names for this mineral:

hræsnistár freyju (the tears of the godess Freyja became gold, so her crocodile-tears must have turned to "fool's gold".)
hégrátssteinn (hé (false, as in hégómi, hégilja) + grátur)
vanynjublendi (= blende of the Waness).  In old mineralogical terminology, "blende" was originally used for Zinc sulhide, but also more generally to denote minerals that are deceiving, mostly metal sulphides, that didn't yield the right metal.  See: http://de.wikipedia.org/wiki/Blende_(Mineralogie)
Pyrite has all the properties mentioned it the German wikipedia article to be regarded as a blende: sulphide, metal-like, yellow or black, deceiving. 
brennigull (brimgold): Pyrite was named after fire, it is a compound with "brennisteinn" and was used as a raw material to produce sulphuric acid (brennisteinssýra)
Pyrite is the most common of the sulfide minerals. The name pyrite is derived from the Greek πυρίτης (puritēs), "of fire" or "in fire", in turn from πύρ (pur), "fire". In ancient Roman times, this name was applied to several types of stone that would create sparks when struck against steel.  (see http://en.wikipedia.org/wiki/Pyrite )

Surtarjárn: Iron of Surtr (constructed like Surtarbrandur)

þolkíslungur (topaz)

There is no Icelandic term for "silicate" or "silicate mineral", although it is relatively easy to construct one.  The Orðaskrá um eðlisfræði og skyldar greinar mentions kísl for silica (SiO2, silicon dioxide).  Silicates are compounds with silica or oxidized silicon, so all we have to do is adding -ungur or
-ingur to kísl: kíslungur.  compounds: e.g. neosilicate = nýkíslungur.  The topaz is the hardest silicate mineral in nature.  Initially I thought of kóngakíslungur, harðkíslungur, but the best choice in my opinion is þolkíslungur.