The happy religious boy
This story bears resemblances to the biblical story of Job, because both stories show a very religious person who is blessed. Whereas Job endures his suffering with patience and long-suffering, Hrafnkel is young and wild, and when his fate darkens against him, he abandons his gods, showing that ironically, his religion was secretly about being the favorite of the gods so they would spoil him. When his fate requires him to grow and change, he is angry and confused, not knowing that the journey is for his betterment.
Einar on the horse
The story really begins for Hrafnkel when his pride overwhelms him. He can't stand to see Einar, a shepherd, sitting on his horse. He feels the sanctity of his position has been violated, but really this is just proving his need for empathy. He kills Einar, showing through dramatic irony that he is not ready for leadership and will need to endure a journey of refinement. Ironically, his execution of judgment is the measure of the judgment against him.
The ironic reversals of fate
Samur and Hrafknel trade places twice in the story as pillars in their community. One shames the other, and then vice versa, and the gods seem pleased with this. The point here is that they are mutually eligible for criticism, because as humans, they are both under the judgment of fate and the gods. The hero's journey is shown as a cycle that repeats itself, putting people in other people's shoes.
The life from scratch
The punishment Hrafknel endures is that he has to build a life for himself from scratch without the privileges that his father's honor bestowed him with. He has to prove himself, which is an odd punishment, because it is literally the only way he can become the kind of powerful person his father is, so the truth is that it's kind of a good thing, but to him it is shown to be judgment and punishment. It is a good thing that he has to build his life from scratch. It will stop him from using his privilege and pride against poor shepherds in the future.
The irony of establishment
The story ends with Hrafnkel in the position of his father, which is kind of where he started, because he was in the honor of his father, but now he has his father's honor through experience, through power, and through the administration of his power through dominion. He conquers his foe fair and square, and whereas in the beginning, he murdered more or less for nothing, now he spares the life of the one who could most easily take revenge against him. He is properly established.
