Today (04-Januar-2016) a fresh earthquake activity took place in Bárðarbunga volcano. The largest earthquake had the magnitude of 3,3 and the smaller earthquake had a magnitude of 3,2. Other earthquakes in this earthquake swarm where smaller in magnitude.
Deepest earthquake yesterday (03-January-2016) had the magnitude of 2,6 and depth of 21,5 km. Current earthquake activity in Bárðarbunga volcano has been connected to a inflation that is now taking place where the earthquakes are taking place. According to Kristín Jónsdóttir on Rúv News earlier today. It appears at least one magma chamber on 10 to 15 km depth inside Bárðarbunga volcano is filling up and that might result in an eruption in coming months. Where and when is impossible to know at this point in time.
Kvikusöfnun skýri skjálftavirkni í Bárðarbungu (Rúv.is, Icelandic)
New earthquake with the magnitude of 3,0 took place in Bárðarbunga volcano at 01:24 UTC on 05-January-2016. The earthquakes that have been taking place have been low period earthquakes based on the fact they are not recording properly with the SIL network (tectonic earthquakes almost always have correct magnitude).
This is a sharp increase in earthquake activity in Bárðarbunga volcano. Currently nothing suggests that eruption is about to start, due to lack of continuous earthquake swarm in Bárðarbunga volcano. This earthquake activity however suggests that magma pressure is increasing fast in a magma chamber that is located in north-east part of Bárðarbunga volcano caldera. When it might erupt is a question that does not have any clear answers at the moment. At the moment the only thing that can be done is to wait and see what happens next.
Article updated on 05-January-2016 at 11:41 UTC.