Innmáni skein ennis
ǫndótts vinar banda;
ôss skaut œgigeislum
orðsæll á men storðar.
Innmáni ennis ǫndótts vinar banda skein; orðsæll ôss skaut œgigeislum á men storðar.
The interior-moon of the forehead [EYE] of the hostile friend of the gods [= Þórr] shone; the praise-blessed god shot terror-beams at the necklace of the earth [= Miðgarðsormr].
[3] skaut œgigeislum ‘shot terror-beams’: This is a metaphorical expression that compares the threatening glare to arrow shots.