Two days ago (13-August-2014) an minor earthquake swarm took place in Hvervellir (volcano). Largest earthquake in this swarm had the magnitude of 2,5. All the earthquakes that happened had depth less then of 10 km.
Earthquake activity is fairly common in this area. It however works in a short activity periods with long quiet period between them. So far nothing suggest that major earthquake activity is going to take place there, as has happened in the past. If that happens, the largest earthquakes can go up to magnitude 5,0.