Yesterday (11-August-2014) a minor earthquake swarm took place in Krísuvík volcano. The largest earthquake in this minor earthquake swarm had the magnitude of 3,4 with the depth of 4,4 km. Only few minor earthquakes took place after the largest earthquake.
The earthquake swarm in Krísuvík volcano, the green star shows the location of the magnitude 3,4 earthquake. Copyright of this image belongs to Icelandic Meteorological Office.
There is a risk of more earthquake activity in this area. Since earthquake swarms are known to start with minor activity that slowly grows until it tops and then slowly drops over a period of days or weeks. It might not happen now, but this is a common pattern on the Reykjanes.