In the past few days there has been considerable earthquake activity in Kolbeinsey Island ridge. Many of the earthquakes have been reaching the magnitude of at least 3.0. But some of it might be underestimation. As this earthquake activity is taking place far off Iceland coastline and far away from the SIL network. But that makes detection of earthquakes more difficult. Along with effects of weather and ocean waves that often prevent detection of smaller earthquakes in this area.
This is not the only activity in this area in the past few weeks. But the largest earthquake in this area was an magnitude 4.4 to 4.6 few weeks ago. So the activity in this area seems to be connected to something major. It is an question if this is due to volcano eruption currently taking place in this area now. But with depth of up to 4 km. It is impossible to know that for sure without actually going there on an ship. But given current weather. That is not going to happen any time soon. Maybe not for several years in fact.