If an eruption take place here it's likely to be more of a lava flow than anything sky high.
The next eruption on the Reykjanes peninsula will most likely be a lava eruption. This can be accompanied by volcanic eruptions and some explosive activity in craters, which will probably be on the weaker side compared to previous eruptions on the Reykjanes peninsula.
"We find no signs of a large eruption on the Reykjanes peninsula. There have been volcanic eruptions, but they are usually very local. An eruption that took place there in the 13th century sent off some volcanic eruptions. The medieval layer that came from it is a few centimeters where it is thickest in settlements. Now we are primarily looking at lava flow if it erupts and I think that will be the main effect of an eruption on the Reykjanes peninsula, "said Þorvaldur. He said that such an eruption could be accompanied by a volcanic eruption, but that it is unlikely that it will destroy local communities.