At 20:29 UTC an magnitude 4,2 earthquake took place in the earthquake swarm west of Kópasker village. This has increased the earthquake swarm in this area. The magnitude 4,2 was followed by a magnitude 3,3 earthquake few seconds later.
Earthquake swarm west of Kópasker (green stars). Copyright of this image belongs to Icelandic Met Office.
The earthquake swarm is currently ongoing and this information might change without warning.
Would this be tectonic or volcanic?
This is a tectonic earthquake. There are no volcanoes in this area, but there is a fissure swarm but that one is not going to erupt.