Iceland government did approve today to increase funding for research into Iceland volcanoes. But this is also part of a plan for a risk assessment for volcanoes in Iceland. But it is expected that this research is going to take 15 to 20 years. Funding has already been increased to Icelandic Met Office by grands from ICAO (among other I think, but I do not have it confirmed). But this is a direct response to the fact that Eyjafjallajökull volcano and Grímsfjall volcano have erupted in short time span (11 months apart).
But the Icelandic government is expecting a eruption in Grímsfjall volcano every two to seven years. But it is also expecting eruptions in Bárðarbunga volcano following this increased activity in Grímsfjall volcano. But eruption period often follow in Bárðarbunga volcano when activity increases in Grímsfjall volcano.
First step of this research is going to take three years to finish. But the news does not say what they are going to cover in this research. This risk assessment is done by the standards of U.N and WMO.
Icelandic News about this.
Hefja vinnu við hættumat fyrir eldgos – tekur 15 til 20 ár í heildina (Vísir.is, Icelandic)