Since 15-October-2020 there has been a slow increase in small earthquakes in Reykjanes and Krýsuvík volcanoes. This earthquake activity has been followed by changes in GPS location. The GPS data can be viewed at Reykjanes CGPS website. All the earthquakes at the writing of this article are small in magnitude. Last few weeks have been quiet in Reykjanes and Krýsuvík volcanoes and that is normal for this type of volcanoes.
The earthquake activity in the volcanoes Reykjanes and Krýsuvík. Copyright of this image belongs to Icelandic Met Office.
It is not possible to know how this is going to develop since what happens depends on the amount of magma moving and what that does. It is unclear if this is inflation or deflation event taking place. It might take few days to see what that is.