According to the Met Office, the intrusion now is roughly half the size of the one that caused the eruption last year.
Over the Christmas period, it was considered likely a new eruption would start within days or weeks. The likelihood of an eruption on the Reykjanes peninsula remains high, but the timescale is now extending and the immediate risk may be passing.
There is still a lot of heat in the lava field around the Fagradalsfjall volcano and steam can be seen rising from it on cold days and there is an uprise of hot air that concentrates the water vapour in the cold. This heat is not considered a sign of increased activity, however.
Scientists continue to carefully monitor the area and new satellite images are expected late this week, possibly today. They will hopefully shed further light on the situation beneath the surface.