This earthquake is a odd one. But it is rare that earthquakes happens in this are of Iceland. But it is not unheard of. As there have even been small earthquake swarm in this area few years ago (2 or 3 years ago I think). This area is part of Skagafjörður rift zone (pdf file) (also known as Skagafjörður Volcanic zone), but that is believed to be a failed rift zone that formed in about 1.7 million years ago. Just around when current eastern rift zone started to form in Iceland.
The ML2.7 earthquake seen from Sauðárkrókur geophone that I am going to run until December 2011. Sadly, no live gif image of it due to network issues. Please note that this geophone is in a noisy location. This picture is released under Creative Commons Licence. See licence web page for more details.
I do not know if there are going to be more earthquakes in this area. But it seems that this earthquake has happened in a area with known faults from post-glacial times (they are on my geological map of Iceland). So for now all that can be done is to wait and see what happens next this this area. But I am not expecting anything special in terms of more earthquake activity. There are no active volcanoes in this area.