Today (5-March-2016) an earthquake swarm place took place around 190 km north of Kolbeinsey Island. Two largest earthquakes detected had the magnitude of 3,3. Other earthquakes where smaller in magnitude. Due to distance exact location is difficult to confirm, along with exact magnitude. This earthquake activity did not appear on EMSC seismic network.
At this location there might be a volcano, it is unconfirmed at the moment. Last eruption is suspected to have taken place between 1997 or 1998. This volcano doesn’t have any name that I know of.