The earthquake swarm that has been taking place on the Reykjanes Ridge for the past few days did increase today (09-May-2014). The largest earthquake had the magnitude of 3,6 with the depth of 15,6 km. So far around 70 earthquakes have been recorded in this area. The earthquake swarm is taking place in area considerable distance from land and next populated area, so it might not be felt at all.
It is difficult to know for sure what is taking place on the Reykjanes Ridge. There are clues this might be due to magma movement at depth, possibly dike intrusion. So far there are no signs of eruption taking place at this location at current point in time. It is possible to see any earthquake that takes place (at least large one) here on my webicorder website. It is also possible to see earthquake activity in Iceland at Icelandic Meteorological Office website.
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