For the past few weeks something has been going on in the deep ocean far north of Kolbeinsey Island. The area north of Kolbeinsey Island has been having strong earthquake swarms for several weeks now, what is creating them is less clear.
All magnitudes are under-estimated at this location. I managed to record the last earthquake swarm (largest earthquakes) and it was clear by this activity that something was going on. Five earthquakes that where at least magnitude 3,2 (estimate) took place in the space of 4 – 8 minutes. This where only the earthquakes that I was able to record, distance from my geophone to this area is ~230 km at shortest distance. Making it difficult for me to record earthquakes on my simple geophone. Icelandic Met Office SIL network is not having much better luck recording earthquakes at this location, due to distance the SIL network underestimates the magnitude and location of the earthquakes has higher than normal error margins (up to several dozen of km at most).
There is a possibility that an eruption is taking place at this location now. There was a possible eruption or dyke injection at this location in October of the year 1999, the Global Volcanism Program report on that activity can be found here.