Information in this article are going go outdated quickly.
Here are the latest magnitude updates from the earthquakes this morning as reported by Icelandic Met Office and USGS.
Magnitude 4,9 at 05:34 UTC. USGS reports this as mb4,8.
Magnitude 5,2 at 05:38 UTC. USGS reports this as mb5,0.
Magnitude 4,0 at 06:32 UTC. USGS reports this as mb4,5.
In the last 48 hours 68 earthquakes larger than magnitude 3,0 have happened in Nafir volcano east of Grímsey island. In total 1497 earthquakes have been detected in the last 48 hours.
Currently the weather forecast in Iceland is really bad and that is going to prevent any proper detection of smaller earthquakes. Larger earthquakes are going to go above the wind noise threshold (possibly) and be properly detected. Large enough earthquakes are going be detected by monitoring networks outside of Iceland where weather is not a factor.
Next update is going to be tomorrow about this earthquake swarm. Unless something major happens in Nafir volcano.