Today (6. January 2023) an earthquake swarm started in Reykjanes volcano close to Reykjanestá area. Largest earthquake had a magnitude of Mw3,0 at 00:31 UTC. Other earthquake have been smaller in magnitude.
This earthquake activity seems to be dyke intrusion, rather than crustal movement because of continental drift forces in this area. There’s a chance this might be mixture of both, but based on what I am seeing (this might be incorrect), this earthquake swarm possibly is because of dyke intrusion in the crust at this area. Magma seems to be at 6 km to 8 km depth at the writing of this article. This earthquake swarm needs to be stronger if the magma is going to break a path to the surface and start and eruption. Until that happens, this dyke activity is going to remain in the crust at Reykjanestá area.