The earthquake swarm near Eldey commenced around noon on February 7, 2026, as reported by the Icelandic Met Office. Since the onset of the swarm, over three hundred earthquakes have been recorded, although the frequency has slightly decreased since its initiation. The most significant quake so far measured 3.4 in magnitude on February 6 at 16:50, but there have been no reports of it being felt in inhabited areas.

The earthquakes at Eldey are relatively common, attributed to tectonic plate movements typical of the region. The increased seismic activity on the Reykjanes Peninsula since 2020 has contributed to a rise in the frequency of earthquake swarms, suggesting ongoing geological changes that may be linked to the region's volcanic activity. The last notable focus of seismic activity in this area was on December 3, 2025.

With the volcanic landscape of the Reykjanes Peninsula being actively monitored, scientists are cautious yet optimistic; they emphasize that while such swarms can signal potential volcanic activity, predicting eruptions remains inherently complex. Residents are advised to remain vigilant but not to panic, as these occurrences are part of the natural geological processes in Iceland.