There are no signs that the volcanic crater under Öræfajökull glacier has begun to erupt, but locals will be briefed on proper evacuation procedures.
The Icelandic Met Office has issued a statement saying that, despite what you may have heard elsewhere, it is by no means imminent that Öræfajökull will erupt. No signs have an impending volcanic event have been detected at the site.
That said, there are signs that geological activity at the area have increased; in particular, geothermal heat has increased in the crater. As such, Iceland’s scientists are following the activity closely.
Vísir reports that the Department of Civil Protection will soon meet with Icelanders living near the volcano to discuss proper evacuation procedures. Even in the event of a small eruption – and again, there are no signs that an eruption has started – rising heat under the glacier could set off glacial floods, and as such pose the greatest threat to property and infrastructure in the area.