Well things aren't good but it's just a waiting game for now. One town has been evacuated, has suffered a lot of damage and people were given 5-7 minutes to go into their homes and save what they could. If the town is wiped out, that is worst case scenario along with the Blue Lagoon and geo thermal powerplant just to the north of it. If it opens up in the sea just outside the town, it is also pretty bad as Keflavik airport is very close by so no flights in or out of Iceland... perhaps the whole of the northern Atlantic will shut down for a while at least.
Let's just hope this thing moves and opens up somewhere in the wilderness where it won't do any damage. This is about 30 minutes away from me so yeah... pretty close.