This morning (18-July-2020) two strong earthquakes that were felt in Grindavík town and Reykjanes area took place this morning at 05:54 UTC and 05:56 UTC in the volcano Reykjanes. Earlier earthquake had a magnitude of Mw3,2 and the second earthquake had a magnitude of Mw4,1. There isn’t a lot to go on by the GPS data that is showing any inflation taking place following this earthquake swarm. The strongest earthquakes were also rather shallow being only at 2,5 km depth.
The earthquake activity north of Grindavík town. Copyright of this image belongs to Icelandic Met Office.
This magma intrusions are a repeated pattern and now strongly suggests that a eruption is going to happen in this volcano. When is impossible to know. What is most likely to happen is that more and stronger earthquake swarm might happen. Current depth of smaller earthquakes in this swarm is now from 8 km to 0,1 km. This appears just to be earthquakes in the rocks at the most shallow depths for now due to pressure changes at more depth from magma. There is a risk of stronger earthquakes in this area because of this dyke intrusions.