Today (1-June-2015) the alert level around Bárðarbunga volcano was lowered to uncertainty level from danger level. This means there are no longer any travel restrictions in the area. Besides normal spring closure in the highlands due to the snow melting (and creating mud areas). There is a risk of snap floods in the area due to hydrothermal activity in Bárðarbunga volcano. It remains high according to the latest news. The risk area for that melt water is in Jökulsá á fjöllum glacier river, since melt water can collect under the glacier and then flood the river days to weeks later. It is also not known what is going to happen when the summer melt period starts in Jökulsá á fjöllum glacier river. A new lake might from in the area next to the glacier where the lava blocked the glacier river path, the glacier water comes from Dyngjökuli glacier.
Icelandic News about this
Frá hættustigi á óvissustig (mbl.is, Icelandic)
Ekki lengur hættustig vegna Bárðabungu (Rúv.is, Icelandic)
Viðbúnaður vegna jarðhræringa við Bárðarbungu færður niður á óvissustig (Vísir.is, Icelandic)