Seismic activity may rise and fall for some time with or without an eruption or fissure flow.
The Fagradalsfjall volcanic system on the Reykjanes Volcanic Zone in Iceland erupted on 19 March 2021, following more than a year of earthquake activity and inflation/deflation periods. This was the first volcanic activity on the system after about 6,000 years of quiescence.
Although the Fagradalsfjall fissure swarm has previously been considered a split or secondary swarm of the Krýsuvík-Trölladyngja volcanic system, as of September 2022 Icelandic volcanologists managing the Catalogue of Icelandic Volcanoes made the decision to identify Fagradalsfjall as a distinct and separate system.
New eruption during August 2022 consisted of lava fountains and flows.
From Smithsonian Institution Global Volcano database
Fagradalsfjall, a volcano that has erupted twice in the last two years and is smack right in the middle of the international airport and the capitol area in Iceland, is waking up once more.
Seismic activity has been very high in the last 3 days[0] and has fallen slightly in the last 6 hours. This is consistent with the behaviour during the last two eruptions (seismic activity dropped right before the eruption started).
There is another live stream angle available as well[1].
https://volcano.si.edu/volcano.cfm?vn=371032