There is always surprises in Iceland once in a while when it comes to volcanoes. This evening there was one. This time for a little known volcano named Esjufjöll. But since the year 2002 there have been regular earthquake swarms in Esjufjöll volcano since that year. But this indicates that magma is pushing up the volcano. But it is quite hard to know if that is going to lead to a eruption. It might happen. But so far nothing indicates that it is going to do so at present time.
Here (Week 43 also) are details of the earthquakes in Esjufjöll in the year 2002. But this earthquake activity in 2002 lasted until week 45 (a small earthquake swarm was also in Week 51) before it stopped completely.
So far this are the years that earthquake swarms have happened in Esjufjöll volcano. The year 2002 (swarms, see links above), 2006 (minor swarm, see here), 2008 (small swarm, see here), 2009 (small swarm, see here), 2010 (small swarm ?). Currently the only thing to do now is to wait and see what happens with the 2010 earthquakes in Esjufjöll. But this is unlikely to lead to a eruption. But with volcanoes with rather unknown eruption history it is hard to know for sure.
Last suspected eruption in Esjufjöll took place in 1927 on 5th of September (+- 5 days). But that is unclear eruption as it was not seen and did only create a minor glacier flood. This information is from Global Volcanism Program and can be found in the link at the top.
There is a web camera online that points to Esjufjöll, it can be viewed here.