Published March 3, 2024 12:26pm EST

If an eruption were to occur, it would be the fourth eruption since the end of 2023, with the first occurring on Dec. 18, the second on Jan. 14 and the third on Feb. 8.

By Steven YablonskiSource FOX Weather

Watch: Drone video shows lava shooting from volcanic fissure in Iceland

Dramatic video shows lava shooting from a long fissure north of Grindavik, Iceland, late Monday night after a volcano erupted in the area. (Video from December 2023)

GRINDAVIK, Iceland – Residents of the evacuated seaside town of Grindavík in Iceland continue to hold their breath in anticipation of a possible volcaniceruption in the area after officials said magma has once again accumulated underground.

The Icelandic Meteorological Office (IMO) released a new hazard risk assessment map, which showed that the probability of an eruption in or around Grindavík has decreased, but officials warned that there is still a considerable risk of a new volcanic eruption in the area in the coming days.

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This graphic shows the updated volcanic hazard risk assessment on March 3, 2024.

(Icelandic Metrological Office)

This latest development comes one day after the IMO had warned that a fissure eruption was likely due to an intense swarm of earthquakes that began to shake the region.

The IMO said the earthquake activity began around 4 p.m. local time (11 a.m. EST) Saturday due to magma intrusion in the area, and thus warned people that a new eruption was likely.

But about two hours later, the IMO said earthquake activity began to wane significantly and then ceased around 8 p.m. local time (3 p.m. EST).

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Watch: Airline passenger gets bird’s-eye view of Iceland volcanic eruption

A tourist on a flight arriving at Iceland’s Keflavik airport captured dramatic video of a volcano eruption that began near the town of Grindavik. (Video from December 2023)

The IMO stressed, however, that the decrease in seismic activity didn’t necessarily mean the threat of a volcanic eruption was over.

“Data indicates that yesterday’s magma intrusion has stopped by Mt. Hagafell,” the IMO said in a translated update on its website. “The likelihood of magma ascending in relation to this magma intrusion has decreased, but the area continues to be closely monitored for this possibility.”

If the volcano were to erupt again, the IMO said it could occur with as little as a 30-minute warning.

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Iceland’s Blue Lagoon evacuated again

Molten lava is seen overflowing the road leading to the famous tourist destination “Blue Lagoon” near Grindavik, western Iceland on February 8, 2023. A volcanic eruption started on the Reykjanes peninsula in southwestern Iceland on Thursday, the third to hit the area since December, authorities said. (Photo by Kristinn Magnusson / AFP) / Iceland OUT (Photo by KRISTINN MAGNUSSON/AFP via Getty Images)

(Getty Images)

Iceland’s popular tourist destination Blue Lagoon was forced to evacuate on Saturday when the seismic activity began to ramp up and fears of an imminent eruption quickly grew.

Blue Lagoon was closed and evacuated several times over the past few months after earthquakes and volcanic eruptions sent lava close to the area.

“Due to increased seismic activity in a known area, a few kilometers away from Blue Lagoon, and our unwavering commitment to the safety and wellbeing of our valued guests and staff, we initiated an evacuation of our premises (Saturday),” Blue Lagoon said in a statement on its website.

The statement went on to say that Blue Lagoon would remain closed through Sunday, at which time the situation would be reassessed.

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Watch: Iceland volcano erupts for third time since December

A volcano in Iceland that led to the evacuation of the small seaside town of Grindavík at the end of 2023 has erupted for the third time since December. (Video from February 2024)

If an eruption were to occur, it would be the fourth eruption since the end of 2023, with the first occurring on Dec. 18, the second on Jan. 14 and the third on Feb. 8.

Grindavík residents have been evacuated several times since the activity started late last year. 

No injuries have been reported from any of the eruptions, but lava flows destroyed some homes during the eruption on Jan. 14.