The earthquake swarm on the Reykjanes has slowed down considerable since it did start yesterday. But it is still ongoing in my opinion. Even if there are no earthquakes currently taking place at the moment. There are several reasons for this. The biggest one is that this area seems to be getting more active now then it has been for many decades now. The fissure that is currently moving is connected to Krýsuvík volcano, but this was reported in the news. I do not know every fault line in this area and how they are connected (plus, my volcano map is in an box until I move back to Denmark) together. But I do know that
During the past 2 to 3 years the volcano Krísuvík has been showing more activity. With inflation and deflation episodes that lasts from few days to weeks at the time. Followed by an earthquake swarms both before and after each episode of activity. This activity seems to be increasing, at least that is my opinion on what is happening at the moment.
While this earthquake swarm is still ongoing. It might have long periods of no activity at all. This is common for faults that have not moved in an long time. As seems to be the case in Helgafell mountain and nearby area. But the fault lies close to that mountain or under it (I am not sure). But this started this year with an magnitude ML3.2 earthquake in this area earlier this year.
It is hard to know exactly when next episode of this activity is going to continue. But I am sure that it is going to be soon.