I do not have a time for long blog post about this at the moment. But here is a short overview of earthquake activity in Öræfajökull volcano.
Since the year 1991 there have been total of three earthquake swarms (with the one in last week) in Öræfajökull volcano. The two earthquake swarms where in the year December 2005 and in September 2008. Total of 70 or so earthquakes have taken place in this earthquake swarms. But only 30 or so earthquakes in the main crater of Öræfajökull volcano.
All pictures are from here.
Currently the earthquake activity in Öræfajökull volcano is quite low. So I am not expecting anything for a long, long time now. The reason why earthquakes are taking place might be new magma. But this also might be due the glacier and pressure changes on the rock because of that. But I find the later idea less likely then the first one. But it hard to know for sure at the moment what actually is the real case now.