There are still indications a lot of magma is moving underneath Grindavik and may erupt at any time. A crack and slumping has been noted running almost directly through the town (which has been evacuated), but as of 10:30am ET no eruption. This map shows the main axis of the magma movement, it is now thought less likely it will erupt offshore and unfortunately more likely it will erupt in or near the town itself. The famous Blue Lagoon resort is closed – it is the area near the center of this map marked Bláa lónið (near station SENG marked with the green icon, with red pipelines coming out).
Of course, our ability to see what is going on and model it is limited (even though Iceland is the best monitored and modeled location in the world). Although an eruption does seem imminent, it may even not erupt at all but as the saying goes, hope isn’t a plan. All of the people are out of the area, and there are attempts being made to get the last of the animals out before whatever happens happens.
There is a lot of misinformation and bogus pictures floating around already using images from previous eruptions so beware. For solid updates the Icelandic Met Office (link) is your best source, followed by Icelandic TV broadcaster RUV’s live blog (Link, in English for you Luddites who don’t read Icelandic 😛 ). Finally, here is a livestream camera on Þorbjörn looking towards Grindavik.