This bears repeating: the largest giant squid that ever washed up was 59 feet long. Look at the picture in the article, and then extrapolate to 59 feet. Is it really surprising at all that we have kraken myths?

EDIT: also, look at the picture and then reread the last line of the article -- "So when I saw it, well, it looked to me like it was rather lonely." Great quote, very poignantly exposed the beauty of nature. Love these creatures; we're living in science fiction these days, folks.

EDIT2: badged the shit out of this because I'm so happy about it.