During the night at 04:40 UTC a earthquake swarm started on the Reykjanes Ridge. There are no signs of this earthquake swarm being connected to any volcano activity, this just normal earthquake activity for this area. The largest earthquake in this swarm had the magnitude of 3.0, other earthquakes had less magnitude.
As with the earthquake swarm on 11-August-2013, this earthquake swarm happens short periods of activity with quiet between them. I do expect this activity to continue for the next hours to days, based on past history for this area. If that is going to happen I do not know yet. Largest earthquakes that can take place in this area can reach the magnitude of 5.5, but no larger than that, since the crust does not support any greater magnitude.