Yesterday (30.08.2012) there was an earthquake swarm on Kolbeinsey Ridge. But earthquakes have been taking place there for several weeks already. This earthquake activity seems to be growing in number of earthquakes swarms taking place. In the year 1999 there might have been an dike intrusion or submarine eruption south of Spar Fracture Zone (more details here). Last earthquake swarm that was noticed by the SIL network was exacly two months ago (30.06.2012). My coverage of that can be found here. But it was not in the same place. But that earthquake swarm was south of Kolbeinsey Island, not north of it as was the case yesterday.
The earthquake area in question are the yellow dots north of Iceland on this map from IMO. Copyright of this image belongs to Icelandic Meteorological Office.
What happens next in this area in terms of earthquake activity, or possible volcano activity is hard to impossible to know. As it is really hard to monitor volcanoes and rift zones that are under 2 km deep ocean and good distance from the coast line. However if there is any major earthquake activity in this area. It is going to appear clearly on my geophone network and IMO SIL network in Iceland.