There is currently no shortage of volcano news coming from Iceland at this moment. The newest volcano to make the news is the Krísuvík volcano. Small area of Krísuvík volcano have been inflating during the last few months with following micro-earthquakes swarms in the area where the inflation takes place. This process started last year (2009). But then the inflation was 30mm (3 centimeters). But last winter a process of deflation started and lasted until early spring this year (2010). But then it started to inflate again. I am assuming that the current levels of inflation is something similar to the inflation that was seen in the year 2009. The area in question is south-west of Kleifarvatn lake.
The inflation is currently taking place on the depth of 3 to 4 km according to geological scientists. This intrusion of magma is also having effects on geothermal features present in the area. But that makes new hot springs and makes current hot springs more active and warmer, it also changes them and often dramatically. It might also create new hot spring areas where no hot springs where before. This inflation process has been followed by a swarms of micro-earthquakes in the area where the inflation is taking place.
According to the news the Icelandic Met Office has alerted the Icelandic Civil Protection Authorities about the changes in this volcano. Two new GPS stations have also been installed in the area to monitor the inflation that is currently taking place. At current time scientists are not expecting a eruption in the area any time soon. But as history has shown that can change without warning and quickly. The authorities and IMO have increased there surveillance in the area due to this inflation. If a eruption takes place the type is going to be a Hawaiian type of eruption, unless a fissure opens up under water or in the ocean. Last eruption that took place in Krísuvík volcano was in the year 1340.
Icelandic news, in Icelandic. Please use Google Translate (at your own risk)
Grannt fylgst með landrisi við Krýsuvík (Vísir.is)
Telja eldgos ekki í uppsiglingu en ástæða að vakta svæðið vel (Víkurfréttir)
Channel 2 news video (flash) about this activity. In Icelandic.
Updated at 23:52 UTC on the 30th of November 2010. News video added and name error fixed.