Today at 17:05 UTC today (05.01.2012) there was an ML3.5 earthquake outside the Lanzarote (Wiki) and Fuerteventura (Wiki) Islands, in the Canary Islands. This earthquake was tectonic in nature, so no it not connected any volcano activity from what I can tell at current time. But I have limited data to base my opinion on. I do not know if this earthquake was felt. But given the distance to next population I find it unlikely to be the case.
According to this image there where two earthquakes that took place. Right after the ML3.5 earthquake an smaller earthquake did take place. But there is no size for it. But I am guessing that it is around ML1.2 in size (at least). No more earthquakes have been detected in this area since this earthquake took place earlier today.