Iceland Review reported yesterday that
An intense earthquake swarm started on the Reykjanes Peninsula on February 24th with an earthquake M5.7 followed by an M5.0. Since then, quite a few earthquakes over M4.0 have been detected and two earthquakes over M5.0, occurring on February 27 and March 1. The swarm is still ongoing and the SIL system has detected around 15,000 earthquakes in the area. At 2.12 AM today, an M4.1 magnitude earthquake was detected around 2 km SSW of Keilir. At 11:05 AM an earthquake M3.8 was detected 1 km SW of Keilir.
Reykjanes Peninsula is the most populated part of the country, with the capital Reykjavik in its northeast, and Keflavik, the location of Iceland’s international airport, in the far west.
From Iceland Monitor, click in the photo above for a live camera trained on Keilir mountain. They say “This is the area where an eruption is considered likely.”
In 2010, an ash cloud from eruption of the Eyjafjallajökull volcano disrupted air travel across the Atlantic for about a month, costing the airline industry around US$1.7 billion (£1.1 billion, €1.3 billion), IATA says.
In this case, Iceland Review thinks,
If an eruption is to occur on the Reykjanes peninsula, it will likely produce lava but no ash and won’t threaten inhabited areas.