During the weekend there was an earthquake activity deep on the Reykjanes ridge. Largest earthquake in the swarm had the magnitude of 5,5 (EMSC information here). Second largest earthquake had the magnitude of 5,4 (EMSC information can be found here), the smallest detected earthquake had the magnitude of 4,6 (EMSC information can be found here).
This activity took place some 1000 km away from Iceland closest point. For that reason it is impossible to know what is happening at this location. It might an eruption that nobody is going to see or notice, or this might just be a earthquake swarm on the Reykjanes ridge, such activity is common along the Reykjanes ridge and happens regularly.