Since yesterday (02.09.2012) there has been ongoing earthquake swarm in Breinnisteinsfjöll volcano / SISZ (south iceland seismic zone). It is impossible to know how this earthquake swarm is going to proceed. But from what I can tell. It does not seem like it is going to be over any time soon. It is also an possibility that current earthquake swarm is part of an larger stress change in the area. But for now it is too early to know for sure what it means in the long term. Current earthquake activity is ongoing. With almost no breaks or stops. Most earthquakes have the magnitude of 0.1 and up to 2.0. But no larger earthquakes have been detected so far. The first earthquake in this earthquake swarm had the magnitude of ML4.4. Depth of this earthquakes is from 3 to 7 km (in that range).
The earthquake activity in Breinnisteinsfjöll volcano. The earthquakes align them self on an fault line that almost directly north-south direction. Copyright of this image belongs to Icelandic Meteorological Office.
It is impossible to know what is going to happen next in this earthquake swarm. But strong earthquake should not be ruled out for now. This might also activate nearby fault lines if the activity intensifies. As that sometimes happens in Iceland. Whatever happens next in this area. It is worth keeping an eye on the progress of this earthquake swarm.
Icelandic news about this earthquake swarm