Today (01.09.2012) at 16:33 UTC there was an earthquake with the magnitude of ML3.2. The depth was 7.6 km. Following this earthquake there was an swarm of smaller earthquakes following the first earthquake. None of those have been above magnitude 2.0. The earthquake took place in the Reykjanes volcano most likely. But it appears tectonic in nature. Rather then volcanic.
It is hard to know for sure if this activity is going to continue. But since this earthquakes. Activity in this area has stopped. But it might resume at later time.
Icelandic news about this earthquake