On Saturday (16-November-2013) an earthquake swarm started on the Reykjanes. This earthquake swarm started slowly with only few unnoticeable earthquakes for most of the time. There was also a second earthquake swarm taking place due to water being pumped back into the ground. That did hide the current earthquake swarm to start with. This earthquake swarm is taking place in Brennisteinsfjöll / Bláfjöll volcano area.
Largest earthquakes in the current earthquake swarm have so far just had the magnitude of 2,9. Stronger earthquakes cannot be ruled out at current time. At the moment there is nothing to suggest this activity is related to any magma movement at present time. Currently the earthquake swarm is ongoing and it is impossible to know if it is going to continue or just die out slowly. The strongest earthquakes appear clearly on my geophone website here.