During the past several hours the amount of water in the glacier flood from Grímsfjall volcano has not dropped a lot, but this glacier flood started two days ago (27.01.2012 around 12:00 UTC). But that might be down to heavy rain in the area. Normally a glacier flood from Grímsvatn lake (inside the Grímsfjall volcano caldera) last for about one to two days during a normal glacier flood. It is believed that this glacier flood is from Grímsfjall volcano glacier lake. But it might be hard to confirm this during this time of the year.
I have known for some time now that Grímsfjall volcano is preparing for a new eruption. This I know because of the increase in earthquake activity and increased hydro thermal activity in Grímsfjall volcano. So far there is nothing that suggest that Grímsfjall volcano is going to erupt this time around, at least for the moment. I am expecting this glacier flood to be over in the next several hours. No earthquakes have happened in Grímsfjall volcano during this glacier flood. I do not expect them to take place unless magma starts moving inside Grímsfjall volcano. Be that dike intrusion or start of an eruption.
Icelandic news about the glacier flood.