This morning at 05:48 UTC an earthquake swarm started on the Reykjanes Ridge. The earthquake swarm is believed to have been created by an dike intrusion in the area. Around 40 earthquakes have been recorded so far, the largest ones have had the size over ML3.0 in magnitude. But at the moment the earthquake swarm has stopped or is doing some idle time. As this earthquake swarm was created by an dike intrusion. It is not impossible that is going to resume in few hours to days time. But it is hard to know for sure what happens next in this area.
This activity of dike intrusions suggests that this area of Reykjanes Ridge is getting more active then it has been since the year 1926, when the last confirmed eruption took place. But there might have been unconfirmed eruptions on the Reykjanes Ridge in the years 1966 and in 1970. It is also most likely that dike intrusion activity is going to continue for some time now. But as I sad above, it is impossible to know how long the breaks are going to be between activity episodes. Last large earthquake swarm in this area took place in early 2010 (Erik blog post about it can be found here). That activity was about one month before the eruption in Eyjafjallajökull volcano.
Largest earthquakes of this earthquake swarm appeared clearly on my geophones where the noise level was not too high. They can be viewed here on the 24 hour plot.
Icelandic news about this activity. Use Google translate and hope make sense of it.