...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... http://www.jonfr.com/volcano/?p=5981
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.
Jón Frímann says:
January 20, 2016 at 14:11
This latest earthquake in Bárðarbunga volcano might have been larger than magnitude 3,6 it’s currently at. It’s going to take IMO few moments to calculate the earthquake magnitude correctly. http://www.jonfr.com/volcano/?p=6020&cpage=1#comment-71334