"Probably, earthquakes near the Bardarbunga caldera are a consequence of adjustment to changes in pressure because of the flow of magma from under the caldera into the dyke which stretches to Dyngjujokull."
The region of the Bardarbunga volcano, in the centre of the North Atlantic island nation, has already been evacuated due to days of heightened seismic activity there.
The evacuated zone was extended somewhat on Saturday, but Icelandic airports remain open though airspace of 140 by 100 nautical miles above the volcano has been closed.
The red alert is the highest warning on the country's five-point scale and indicates an eruption is imminent or underway with a significant emission of ash likely. The colour codes are intended to inform the aviation sector about a volcano's status.
Brussels-based aviation authority Eurocontrol said that as soon as the volcano had erupted, the Volcanic Ash Advisory Centre in London would produce a regular forecast about the levels of volcanic ash in the atmosphere.