Yesterday (16.09.2012) an earthquake swarm did start in TFZ (Tjörnes Fracture Zone). The largest earthquakes in this swarm so far got the magnitude of 3.1 that took place at 11:07. The second earthquake took place at 14:13 UTC and had the magnitude of 3.4. This earthquake activity is located in an non-volcanic area. So this is nothing but tectonic activity. It is difficult to know for how long this activity is going to last. But it can be anything from two days and up to several days.
Current earthquake activity in TFZ. Copyright of this image belongs to Icelandic Meteorological Office.
This area might have more earthquakes that are above 3.0 in magnitude. But that is in no way certain that is going to happen. The largest earthquakes appear on my geophone network. Not all the stations. Just the one located in Hvammstangi.
Icelandic news about this activity
Skjálftar norður af Eyjafirði (Rúv.is, Icelandic)
Jarðskjálfti í Eyjafjarðarál (Rúv.is, Icelandic)
Skjálftahrina við Siglufjörð (Vísir.is, Icelandic)
Jarðskjálftar í Eyjafjarðarál (mbl.is, Icelandic)
Blog post updated at 16:58 UTC on 17.09.2012