It seems that earthquake activity has started again in Kverkfjöll volcano. So far this is just small earthquakes. But earthquake activity started in Kverkfjöll volcano on 20.10.2012. That was also just small earthquakes. This is most likely minor dike intrusion taking place in Kverkfjöll volcano.
Earthquake in Kverkfjöll volcano. Copyright of this image belongs to Icelandic Meteorological Office.
It is impossible to know what this activity means. But I do think it is going to remain as is for now. At least it is unlikely for the time being that something bigger is going to happen in Kverkfjöll volcano. But it is worth keeping an eye on this activity. As this might be a clue that Kverkfjöll volcano are waking up from there dormancy. But it might just be minor earthquake activity that happens occasionally in volcanoes, without any other activity taking place in them following such activity.
IMO has just reviewed an old earthquake and set it to 3.3
Monday
22.10.2012 20:50:04 64.648 -16.756 2.5 km 3.3 99.0 6.6 km WNW of Kverkfjöll