Few days ago an earthquake swarm started deep on the Reykjanes Ridge, this is as far as the Reykjanes ridge extends at the end of it. After that the north Atlantic ridge starts. It is close to impossible to know for sure what is going at this location, however the data suggests that an eruption is taking place there and it appears to be a big one. How big I don’t know and I’m not willing to guess it due to lack of data.
The earthquake activity has been interesting, with the largest earthquake having a magnitude 5,5 (EMSC info). Other earthquake magnitudes are 4,9 (EMSC info), magnitude 5,0 (EMSC Info), magnitude 4,9 (EMSC Info).
This earthquake activity is currently ongoing, since the distance from land is ~1100 km it is impossible to know for sure what is going on. There is also around 4 km deep ocean at this location. If an eruption is taking place at this location, it is not going to show in the surface of the ocean. I’m sure a lot of smaller earthquakes are taking place, they are just not being recorded by any seismic detecting network due to distance.