During the night of 3-September-2020 an earthquake swarm took place around 42 km to 50 km north of Kolbeinsey island. Because of distance from the SIL network the earthquakes that where detected do not have accurate location or magnitude.
Earthquake activity north of Kolbeinsey Island (green stars). Image used with permission and copyright belongs to Icelandic Met Office.
This might just be regular earthquake activity that happens on the Kolbeinsey ridge or in Kolbeinsey island. This area is all under a deep ocean and that makes it impossible to know for sure what is going on at this location.