This earthquake swarm is around 1330 km away from Reykjavík and in the North Atlantic ocean. What is going on here is unclear, but this is probably an earthquake swarm before an eruption or during an eruption in that area. The ocean depth at this location is between 3 to 4 km so nothing is going to appear on the surface.
Total of 61 earthquakes have been recorded since 26-September-2022 when this activity started. Largest earthquake so far had a magnitude of Mw5,7 but several earthquakes with magnitude of Mw5,0 appears to have taken place. Because how remote this area is only the largest earthquakes are being recorded. It is possible to monitor the earthquake swarm here on EMSC website.
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