Today there has been a minor earthquake swarm east of Grímsey Island (is in Tjörnes Fracture Zone). The number of earthquakes that have taken place at the moment is something around 20 to 30 earthquakes. All of the earthquakes so far are less then ML3.0 in size.
This earthquake swarm in TFZ is so far quiet and mostly small in size. It remains unclear as always if this earthquake swarm changes or starts a new earthquake swarm that is bigger. But this area is known for that one earthquake swarm starts a new one in the TFZ.
So far this does not appear to be happening in the TFZ. But it is worth mentioning that TFZ is highly active earthquake zone. But there are no volcanoes there. Except at the south and north end of the TFZ. Where the rift zone ends and where the rift zone starts again.