Yesterday (09.April 2013) there has been less activity in Tjörnes Fracture Zone. The largest earthquakes yesterday did have the magnitude 4.0 and 3.3. A smaller earthquake with the magnitude 3.1 also took place. Many other smaller earthquakes also took place as is normal for this type of earthquake swarm. There are no signs of any volcano activity in the area during this earthquake activity.
Earthquake activity in Tjörnes Fracture Zone during the past 48 hours. Copyright of this image belongs to Icelandic Meteorological Office.
This earthquake swarm does not appear to be over. Even if it has slowed down from its peak one week ago following the magnitude 5.5 earthquake. This type of slowdown are common in this type of earthquake swarms. In many cases the activity stops altogether and starts again after some time. I now believe that current earthquake swarm is connected (not sure how yet) to the earthquake swarm that took place in TFZ in October 2012 and started view few smaller earthquakes and had one magnitude 5.6 earthquake. For now however the earthquake activity is dropping. But it is impossible to know for sure what happens next in TFZ area.