Currently, it's not a big deal. However, it could cause knock-on stuff like massive waves 3 metres high with 500 ton icecubes shooting across southern Iceland.
Back in 2001, I went on an expedition to Iceland for 3 weeks. We did a lot of walking. The webcam is about a mile down the valley from where we camped. That was pretty close to the view I had every morning. Minus the projectile fire and blackened lump.
So I'm keeping an eye on this. It's pretty cool.