Currently there is a strong earthquake swarm on the Reykjanes peninsula. Largest earthquake so far was a magnitude 4,0 with second largest earthquake having magnitude of 3,8. This earthquake swarm is currently ongoing. Over 150 earthquakes have been detected so far (this number is going to get obsolete soon).
According to the Icelandic Met Office (news at 12:20, Rúv) this earthquake swarm is a mixture of tectonic forces and magnetic (magma) forces in the ground. It is currently too early to know if this is going to result in a eruption.
Update 1 at 00:04 – 27-July-2017
Over 300 earthquakes have happened so far on the Reykjanes peninsula. Largest earthquake so far had the magnitude of 3,8 and second largest had the magnitude of 3,3.
Earthquake activity is ongoing and strong when this is written.
This article is going to be updated as needed.
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Article updated at 00:04 UTC on 27-July-2017.