Welcome to the longest article title (this might be like this for a while). Information here might go outdated quickly as the situation changes.
Currently the earthquake swarm is smaller today (18-February-2018) then yesterday (17-February-2018) with mostly small earthquakes happening. Largest earthquakes since midnight had the magnitude of 3,4 at 12:14 UTC. It remains unclear if this earthquake swarm is going to increase again, but at the moment it is currently ongoing.
The earthquake swarm east of Grímsey island. Copyright of this image belongs to Icelandic Met Office.
The earthquake activity is less dense today than yesterday. Copyright of this image belongs to Icelandic Met Office.
It is difficult to know what happens next in this area due to the fact that this area is under the ocean and is really complex due to mixture of tectonic earthquakes (strike-slip activity) and volcano earthquake activity. What seems to be going on now is a volcanic earthquake activity. There is no magma signature at the moment because magma has not started to flow to the surface. It remains a question if it is just a question of time now if that happens. There is no documented eruption history in this area and that makes everything little bit more difficult.
This article is going to be updated if needed.
Article updated at 16:22 UTC. Text fixes.