A minor earthquake swarm took place on the Reykjanes Ridge during the night, it started at 04:17 UTC and ended at 08:13 UTC, there was some break in activity for few hours with each episode lasting for around 10 minutes. Earthquake swarms are common in this area of the Reykjanes Ridge. The largest earthquake in this swarm had the magnitude of 2.9, other earthquakes were smaller in magnitude.
The earthquake swarm on the Reykjanes Ridge, the earthquakes scattered around wrong locations by the automatic SIL system. Copyright of this image belongs to Icelandic Meteorological Office.
This earthquake swarm did appear clearly on my geophone network in Iceland. It can be viewed here. I do not know if this means more activity is coming on the Reykjanes Ridge, it is all just wait and see what happens in this case.
is there a volcano in that area?
Yes there is, but it is unclear when it last erupted since it is out in the ocean.