Yesterday (27-May-2019) an earthquake swarm took place south of Kolbeinsey island, but this earthquake swarm is in Tjörnes Fracture Zone (TFZ). Largest earthquake had a magnitude of 3,5 at 01:35 UTC. Second largest earthquake had a magnitude of 3,1 and took place at 06:57 UTC. Other earthquakes in this earthquake swarm were smaller in magnitude.
The earthquake swarm in Tjörnes Fracture Zone (green stars). Copyright of this image belongs to Icelandic Met Office.
It appears that this earthquake swarm is over for now. It might start again without warning since earthquake activity in Tjörnes Facture Zone is unpredictable.
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Looks like the plates are on the cusp of a move.
Wednesday 29.05.2019 02:54:26 PM 33.981 38.956 10 5.2 USGS Northern Mid-Atlantic Ridge
Wednesday 29.05.2019 02:43:40 PM 33.858 38.958 10 5 USGS Northern Mid-Atlantic Ridge
Wednesday 29.05.2019 01:06:54 PM 52.557 31.203 10 4.7 USGS Northern Mid-Atlantic Ridge
This activity is not connected to Iceland directly. Different parts of the rift zone seems to move at different speed.