The Bardarbunga eruption is underway
Around 1 AM last night the peak volcanic activity occurred, when an amount of lava emerged from the ground.
The event occurred north of Bardarbunga towards older volcano Askja, this means that there is NO MAJOR EFFECT ON AIR TRAFFIC as yet, since the lava emerged north of the glacier of Vatnajökull. The kind of violent event that happened in Eyjafjallajökull in 2010 is the result of liquid hot magma coming into contact with large amounts of ice, causing a violent explosion and lots of ash. As yet, all that’s happening at Bardarbunga is some lava coming out of the ground.
That being said, there’s no telling what will happen now, the lava has stopped flowing for now but seismic activity remains high, so it could continue to erupt, it could escalate or it could fizzle out and die altogether. Check back on this site and we will update as events unfold.
For those interested in seeing the events minute-by-minute, here is the live feed from a MÍLA webcam of the event.

[source]