Yesterday (05.02.2012) there was an new earthquake swarm in Katla volcano. This activity suggests that it was due to dike intrusion as before in the Katla volcano caldera. The largest earthquake was ML2.1 with the depth of 0.1 (~100 meters) km. So this where really shallow earthquakes this time around.
This pattern of activity has been ongoing since July 2011, when a minor eruption took place in Katla volcano caldera. I am expecting this pattern of activity to continue for some time now. For how long I do not have any idea. It depends if this going to end in a larger eruption then took place in Katla volcano in July 2011 or if this is going to quiet down one day for several more years.
Activity in Katla volcano can be observed on Iceland Met Office pages. It also can be observed on a geophone that I run in Skeiðflöt (website here), a farm located few km south of Katla volcano.