Well, it looks like Iceland is going to be in the news again this summer. Jon Frimann and others noted a sharp increase in seismicity under the Vatnajökull icecap at Grímsvötn today and MBL.is has confirmed that if an eruption hasn't already begun under the icecap, then one is likely to be starting soon (in Icelandic, use Google Translate at your risk) according to geologist Louw Sveinbjörnsson. UPDATE:There is confirmation of an ash and steam plume possibly reaching 1.8 km / ~6,000 feet above the volcano (see images below), but again, the details are scant. The eruption itself appears to be from the Grímsfjall Crater. There is very little news that I can find in English for this event - but hopefully Jon and any one else in Iceland can keep us appraised with what is going on in Iceland. The danger now will be from jokulklaups within the next 10-12 hours draining to the south or ash disrupting air travel in and around Iceland.
UPDATE 4:35 PM (Eastern): Icelandic officials and volcanologists will head out tomorrow morning (Icelandic) to overfly to inspect the area. However, a group near the volcano (Icelandic) will try to collect some samples of the ash. Police have also monitoring roads that could be hit by jokulhlaups. Also, currently the plume shows up impressively on satellite infrared images of Iceland.
MSNBC and the AP now has news on the eruption - and MSNBC claims the plume has hit 5.4 km / 18,000 feet in height. Impressive to say the least.