Today (16.02.2013) at 15:11 UTC an earthquake swarm started in Torfajökull volcano. This is so far small earthquake swarm. With largest earthquake only having magnitude 2.6 (automatic result). Depth of this earthquake swarm is around 2 to 4 km. This earthquake swarm is taking place inside the volcano. So they might be magma related. But it is hard to know that for sure at the moment. This might just be normal tectonic earthquakes in this area. Earthquakes are common in this volcano. But major swarm activity does not seem to be for some reason.
Earthquake activity in Torfajökull volcano. The earthquakes are the red dots on this image. Copyright of this image belongs to Icelandic Meteorological Office.
It is hard to know exactly what happens next. But most often the earthquake activity in Torfajökull volcano stops after few hours. Last documented eruption in Torfajökull volcano took place in the year 1477 according to Global volcanism program (GVP). This earthquake activity appears clearly on my Heklubyggð geophone and Skeiðflöt geophone. The web site for my webicorders can be found here.