Stunning example of rift volcanics, perfectly illustrating what goes on between diverging tectonic plates, generally hid for the human eye because the bulk of it occurs submerged beneath the oceans.
It seems geologist are still quarreling if the volcano is below the ice-cap or not, and how high the risk is of a jökulhlaup.
Apparently the volcano is not under the glacier, so little chance of flooding. Looks like just another day in Iceland...