While it’s unclear what could happen next, this fissure eruption is one of the more desirable ways for Iceland’s highly active underworld to let off some steam. The relatively calm eruptions have yet to produce much ash, and they also did not melt through the glacier, which could have caused serious flooding in the area.
The new eruption prompted the authorities in Iceland to briefly raise the alert for air travel to red, but within a few hours when it was determined that the eruption was not producing any threatening ash in the atmosphere, the restricted flight area around the area was cancelled. As of this writing, no flight restrictions are in effect and airports are open in Iceland.
An eruption of a volcano nearer to the capital of Reykjavik in 2010 disrupted flight traffic over Europe for days, leading to the cancellation of over 100,000 flights.
See here: http://www.forbes.com