The most recent report from the Icelandic Meteorological website, which covers weather, avalanches, earthquakes and volcanic eruptions:
It remains unclear how the situation will develop. Four scenarios are still considered most likely:
The migration of magma could stop, resulting in a gradual reduction in seismic activity and no further eruptions.
The dike could reach the Earth's surface causing another eruption, possibly on a new fissure. Lava flow and (or) explosive activity cannot be excluded.
The intrusion reaches the surface and another eruption occurs where either the fissure is partly or entirely beneath Dyngjujökull. This would most likely produce a flood in Jökulsá á Fjöllum and perhaps explosive, ash-producing activity.
An eruption in Bárðarbunga. The eruption could cause an outburst flood and possibly an explosive, ash-producing activity. In the event of a subglacial eruption, it is most likely that flooding would affect Jökulsá á Fjöllum. However it is not possible to exclude the following flood paths: Skjálfandafljót, Kaldakvísl, Skaftá and Grímsvötn.
Other scenarios cannot be excluded.