An earthquake swarm started on the Reykjanes Peninsula on 17th April 2022 and is continuing at the time of writing. This swarm is part of a larger volcano-tectonic episode that started at the end of 2019 on the Reykjanes Peninsula, including the eruption at Geldingadalir.
Local volcanologists are reporting now that recent ground deformation of 3.5cm suggests a magma intrusion in the vicinity of Svartsengi, north of the town of Grindavík. Magma is believed to be pooling at a depth of c. 4km between Mount Þorbjörn and the Eldvörp crater row. This is an area which can produce large earthquakes of 6.5M. People are advised to avoid areas where landslip is likely.
We have updated our earthquake plots to show the swarm to date. Our plots exclude an earthquake occurring earlier today with a depth of 40.7km to keep the detail in the plots showing depth; the earthquake omitted is 19/05/2022, 00:11:14, 63.77°N , 22.75°W, 40.7km, 1 magnitude. Since we downloaded the data at 09:55 am today, there has been a 3.0 magnitude, 4.9 km NNE of Grindavík.
Our plots show possible doming in the vicinity of Mount Þorbjörn and the Svartsengi Volcanic System.
Armchair Volcanologist
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Sources
Raw earthquake data: Icelandic Meteorological Office
From Iceland — Magma Collecting, Increased Earthquakes At Reykjanes (grapevine.is)
An Armchair Volcanologist 
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