Today (05-July-2016) an earthquake swarm took place far north of Kolbeinsey Island. Earthquake activity in this area of the ocean has been increasing over the past few months. It’s unclear what is going on at the moment.
The earthquake activity north of Kolbeinsey Island. Copyright of this image belongs to Iceland Met Office.
Largest earthquakes in this swarm had the magnitude around 2,9 – 3,4. Good magnitude estimate is not possible due to the distance from the SIL network. What exactly is going on at this location is unclear. I do not rule out any eruption activity at this location when earthquake swarms take place. This might also just be normal earthquake swarm without any eruption connection. The depth of the ocean at this location is around 3 – 5 km.