Waves reaching anywhere from eight to 14 metres high will be roaring by just west of Iceland today, making seafaring in the area highly inadvisable.
According to an announcement from the Icelandic Coast Guard, the Icelandic Met Office has informed them that a low pressure system will be moving across the sea west of Iceland today. This not only means high winds and rain across Iceland, but also some unusually large waves out to sea.
As can be seen in this map of wave height and direction from the Met Office, the low pressure system is moving from south to north, bringing with it waves about eight to ten metres high, but reaching 14 metres further out to sea. This evening, these waves could reach several metres tall as they crash upon the southwest coast, with Suðurnes especially vulnerable.
As such, if you were preparing to take your boat out to sea today, it would probably be a good idea to avoid the western sea. The northeast, however, should be relatively calm.