The Reykjanes volcano has been placed on yellow warning level. This is because of sudden inflation that is now taking place north-west of Þorbjörn mountain. In slightly less than 24 hours the inflation did reach 30mm. This is the fifth time (as reported by Morgunblaðið) that inflation has happened in this area since the year 2020. This inflation now is a lot faster than earlier when this has happened.
This inflation in the Reykjanes volcano has the risk of creating stronger earthquakes in new locations on the Reykjanes peninsula and on the Reykjanes ridge in next few days to weeks. There is a ongoing inflation in Fagradalsfjall volcano and that has not stopped or slowed down since it started on 25. October 2023. It is not possible to know when or if an eruption in going to start in Reykjanes volcano, but how quickly this inflation is happening suggests that might happen. The location is not that good, if it erupts where the inflation is happening. The blue lagoon is nearby along with power plant and hot water energy plant in this area. Eruption in this location can result in major damage to infrastructure in this area.
Only thing that can be done now is to wait and monitor what is happening in this area.