According to Icelandic news there is a good chance of a eruption in Grímsfjall. Following the glacier flood from Grímsvötn glacier lake. That is at least the opinion of Páll Einarsson, a geologist at University of Iceland. This is not going to be a big eruption in Grímsfjall in Páll opinion. But it is most likely going to be similar in size to the eruption in Grímsfjall in the year 2004. But no damage did happen from that eruption and it did not erupt international flight paths (just domestic ones). In the news Páll also says that the pressure inside Grímsfjall magma chamber appears to be slightly higher then in the year 2004. But otherwise the situation in Grímsfjall is almost identical to the one in the year 2004.
Icelandic News. Please use Google Translate where possible.
Miklar líkur á gosi (Rúv.is)
Rúv evening news on 31st of October 2010. Note: This link is going to die after two weeks as Rúv deletes older news streams from there web pages after that time.
Líkur á eldgosi í Grímsvötnum (mbl.is)
Meiri líkur en minni á gosi í Grímsvötnum (DV.is)
Text updated 2nd November 2010 at 20:11 UTC.