It seems that Krísuvík volcano is inflating and deflating on regular basic. I do not know how regular this change is. But it has been noticed by Icelandic scientists how are bit puzzled by this behavior. Last inflation episode did last until end of the year 2011. Since then deflation did start again and is currently ongoing. It is uncertain if what this means. At the moment it is too early to know for sure if this means if that Krísuvík volcano is getting ready for an eruption. But if there was an eruption in Krísuvík volcano, it would be Hawaiian eruption so no volcano ash. Volcano ash eruption would only take place if an eruption started in Kleifarvatn lake. But the effects of that would be limited to local area (Reykjavík and other nearby towns). It would not create any global problems, as many would want to believe.
Inflation and deflation period have been the years 2009, from January to September. In May 2010 inflation did start again, that inflation period lasted until end of the year 2011. Since then deflation has been taking place. Today there is continues GPS monitoring in Krísuvík volcano. But it is unknown if this type of behavior has taken place before in Krísuvík volcano. But for now Krísuvík volcano is being monitored both with GPS and the SIL network. What happens next anyone guess.
Icelandic news about this.
Land rís og sígur í Krýsuvík (Rúv.is)