He asks a völva, an ancient seeress, to rise from the grave and tell him, the father of the slain (Valfǫþr) -because he takes warriors into his famous hall of Valhalla- stories of the past. She answers him by mentioning the nine worlds that make up the universe and the ash-tree Yggdrasil, as well as Ymir, a giant out of whose limbs the universe was made.
There was a yawning gap at the beginning of time. The creation of the universe seems to have been the work of the sons of Borr: Odin and his brothers Vili and Vé, whose names we know from another poem called the Lokasenna. The three brothers shape the earth, take their assembly seats, and then name the stars in the skies, thus giving an order to the universe. The gods meet at Ithavoll, a mysterious place only mentioned twice in the poem, where they set forges and make tools and set up temples.
At their dwelling, three giant-maids arrive, a possible reference to the Norns. The Norns were creatures even more powerful than the gods since they decided the fate of everyone. A council is held during which we are given a catalogue of the race of dwarves; very few of them are mentioned elsewhere.
One of them, Gandalf, was turned into a wizard by Tolkien in The Lord of the Rings. Another one, Dvalin, is important, too, since he seems to have given the dwarves magic runes which made them very skillful, as told in the second poem of the Edda, the Hávamál. Then we have Andvari, the one who tells in a poem called Reginsmál about how Loki, the trickster god, stole his wealth, causing him to curse the treasure that brought the death of Sigurd. Sigurd is the tragic legendary hero who killed a dragon with a cursed treasure, inspiring many authors among whom, once again, Tolkien.
After this section with the many dwarves, three gods, Odin, Hönir, and Lothur, continue their work and create mankind out of two trees, ash and elm (Ask and Embla). The fates reappear in stanza 20, where they carved runes on wood and made laws.
Álfr ok Yngvi, Eikinskjaldi,
Fjalarr ok Frosti, Finnr ok Ginnarr;
þat man æ uppi, meðan öld lifir,
langniðja tal Lofars hafat.
Unz þrír kvámu ór því liði
öflgir ok ástkir æsir at húsi,
fundu á landi lítt megandi
Ask ok Emblu örlöglausa.
Önd þau ne áttu, óð þau ne höfðu,
lá né læti né litu góða;
önd gaf Óðinn, óð gaf Hœnir,
lá gaf Lóðurr ok litu góða.
Ask veit ek standa, heitir Yggdrasill
hár baðmr, ausinn hvíta auri;
þaðan koma döggvar þærs í dala falla;
stendr æ yfir grœnn Urðar brunni.
Þaðan koma meyjar margs vitandi
þrjár, ór þeim sal er und þolli stendr;
Urð hétu eina, aðra Verðandi,
skáru á skíði, Skuld ina þriðju;
þær lög lögðu, þær líf kuru
alda börnum, örlög seggja.
Þat man hon fólkvíg fyrst í heimi,
er Gullveig geirum studdu
ok í höll Hárs hana brendu;
þrysvar brendu þrysvar borna,
opt, ósjaldan, þó hon enn lifir.
Heiði hana hétu, hvars til húsa kom,
völu velspá, vitti hon ganda,
seið hon hvars hon kunni, seið hon hugleikin,
æ var hon angan illrar brúðar.
Þá gengu regin öll á rökstóla,
ginnheilug goð, ok um þat gættusk:
hvárt skyldu æsir afráð gjalda
eða skyldu goðin öll gildi eiga.
Fleygði Óðinn ok í fólk um skaut,
þat var enn fólkvíg fyrst í heimi;
brotinn var borðveggr borgar ása,
knáttu vanir vígská völlu sporna.
Þá gengu regin öll á rökstóla,
ginnheilug goð, ok um þat gættusk:
hverr hefði lopt allt lævi blandit
eða ætt jötuns Óðs mey gefna.
Alf and Yngvi,Eikinskjaldi,
Fjalar and Frosti, Fith and Ginnar;
So for all time, shall the tale be known,
The list of all, the forbears of Lofar.
Then from the throng, did three come forth,
From the home of the gods, the mighty and gracious;
Two without fate, on the land they found,
Ask and Embla, empty of might.
Soul they had not, sense they had not,
Heat nor motion, nor goodly hue;
Soul gave Othin, sense gave Hönir,
Heat gave Lothur and goodly hue.
An ash I know, Yggdrasil its name,
With water white, is the great tree wet;
Thence come the dews, that fall in the dales,
Green by Urth's well, does it ever grow.
Thence come the maidens, mighty in wisdom,
Three from the dwelling, down 'neath the tree;
Urth is one named, Verthandi the next,--
On the wood they scored, and Skuld the third.
Laws they made there, and life allotted
To the sons of men, and set their fates.
The war I remember, the first in the world,
When the gods with spears, had smitten Gollveig,
And in the hall, of Hor had burned her,
Three times burned, and three times born,
Oft and again, yet ever she lives.
Heith they named her, who sought their home,
The wide-seeing witch, in magic wise;
Minds she bewitched, that were moved by her magic,
To evil women, a joy she was.
On the host his spear, did Othin hurl,
Then in the world, did war first come;
The wall that girdled, the gods was broken,
And the field by the warlike, Wanes was trodden.
Then sought the gods, their assembly-seats,
The holy ones, and council held,
Whether the gods, should tribute give,
Or to all alike, should worship belong.
Then sought the gods, their assembly-seats,
The holy ones, and council held,
To find who with venom, the air had filled,
Or had given Oth's bride, to the giants' brood.
Soli ho kvervar beint i si bane
Honnigdraum lokkar mitt gap og mi gane
Vindane ular og elva ligg still
Eg lyt nok kvile litt til
The sun wheel is steady on her way
Honey dreams spark my throat and palate
The winds still howl and the river stands still
I guess I should return to my rest
Wardruna