Yesterday (17-November-2015) and today (18-November-2015) an earthquake swarm started on the Reykjanes peninsula, this earthquake swarm took place in Fagradalsfjall mountain. Total of 80 – 90 earthquakes took place, none of them larger than magnitude 2,1.
The earthquake swarm on the Reykjanes peninsula. Copyright of this image belongs to Iceland Met Office.
This earthquake swarm looks like a fault swarm, rather than anything connected to a volcano. Earthquake activity might continue in this area for next few days, with a risk of earthquakes with magnitude above 3,0 happening.