Update 1
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.
http://www.jonfr.com/volcano/?p=5981