Since yesterday (6-July-2019) there has been a ongoing earthquake swarm in south part of the Tjörnes Fracture Zone (TFZ). The number of earthquakes recorded is close to 170 when this article is written. This number is going to go quickly outdated. Exact largest magnitude is not clear since automatic magnitude is not always correct.
At this location there is a volcano that erupted in the year 1868 for about a month (December 1867 to January 1868) according to historical documents. Global Volcanism Information can be found here. There are no sign of this earthquake activity being connected to a volcano activity. I don’t know if that is going to change.
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