During the night and last night (20.03.2013) there where two earthquakes on the Reykjanes ridge. Location of this earthquakes is not the same and several hundreds of km between them. So they are in fact not connected at all. This is just by chance this activity takes place at the same time. As often is the case in this type of area.
The first earthquake was an magnitude 5.4 earthquake deep on the Reykjanes ridge. This earthquake was on 10 km, or at least that is the best estimate by EMSC. The distance from Reykjavík is about 1100 km. More information on this earthquake can be found here on EMSC web site.
The magnitude 5.4 earthquake deep on the Reykjanes ridge. Copyright of this image belongs to EMSC.
The second earthquake was an magnitude 4.3 earthquake, with the default depth of 10 km according to GFZ. It had the distance about 850 km from Reykjavík. More information on this earthquake can be found here on EMSC web site.
The magnitude 4.3 earthquake on the Reykjanes ridge. Copyright of this image belongs to EMSC.
It is impossible as before to know what is happening on at this location. Due to the depth of the ocean at this place and how remote this location is.
This morning there was an earthquake in Hekla volcano at 08:23 UTC. This earthquake had the magnitude of 1.4 according to the reviewed data from Icelandic Meteorological Office. The depth of this earthquake was 11,2 km. But that is considerable depth for this location. This is most likely not tectonic earthquakes. But it is hard to be sure on that detail as of this moment.
The earthquake in Hekla volcano is marked by an orange dot on this map. Copyright of this image belongs to Icelandic Meteorological Office.
I do not have a clue what Hekla volcano is up to at the moment. But this is highly unusual activity for this volcano. Since normally there are no earthquakes in Hekla volcano until just before an eruption takes place in it. For the moment. The only thing that can be done now is to monitor what is taking place in Hekla volcano.