Yesterday (26-April-2014) and today (27-April-2014) an earthquake swarm started on the Reykjanes Ridge (no GVP profile) in a submarine volcano south of Reykjanes volcano (I wrote about it few days ago here). This earthquake swarm was at the same location as an earthquake swarm that took place there on 13-April-2014 and I wrote about it here. There are clues pointing towards that magma might have been the reason for the earthquake swarm on the 13-April-2014. It has not been confirmed due to remote location of this volcano, observations are also limited due to depth of the ocean at this location (about 1 to 2 km depth is at this location).
Its difficult to know what is happening. Currently the earthquake swarm has continued, but with it stops for shorter or longer period of time at current time. I do not know why that is. So far everything has been quiet tremor wise on the closest SIL stations to this location. The closest SIL stations are some 35 to 45 km distance. I expect more earthquake activity to take place at this location in next few days to weeks. It is impossible to know if an eruption is going to take place out there in the ocean at current time.