Giant Iceland volcano system may erupt after 17,000 earthquakes recorded in a week Dave McGarvie, for The Conversation 5 Mar 2021, 10:32 Updated: 5 Mar 2021, 12:52 MORE than 17,000 earthquakes have been recorded in the south-west of Iceland, in the Reykjanes Peninsula, during the past week. People living in the area have been advised to be extra careful due to dangers of landslides and rockfall. 4 Iceland is a volcanically active regions with frequent eruptionsCredit: Alamy Many of the larger earthquakes have even been felt in Iceland's capital city, Reykjavik (where over half of the population lives), which lies only 27km away. This has led to heightened concerns about the effects of even larger earthquakes and also of a possible eruption from the Krýsuvík volcanic system in the area.