The glacier flood in Skaftá glacier river is almost over or is over at present time (21-January-2014). This however does not mean that everything is over. Since there are two cauldrons in the Vatnajökull glacier in the Hamarinn volcano it means there is more water stored there now then has now flooded from the glacier. It is now clear that the eastern Skaftá glacier cauldron in Vatnajökull glacier has not emptied it self in this flood from the western Skaftá glacier cauldron.
When the eastern glacier cauldron empties it self they are expecting a lot larger glacier flood to take place. Since there is a lot more water holding up in the eastern Skaftá glacier cauldron. It is also longer since it flooded and emptied it self. Last glacier flood from the eastern Skaftá glacier cauldron was in the year 2010. More information on how this flood system works can be found here (in Icelandic) on Icelandic university website geology department.