Volcanic activity in Grímsvötn has decreased rapidly throughout the night. According to the Department of Civil Protection, the volcano has visibly only emitted steam since about 02:30 rising about 100-200 meters out of the volcano.

Scientists have not officially declared the eruption over, and continue to monitor the situation closely, but as of last night, there is little to indicate that the activity will resume.
The effects of the eruption are still felt in a small area South of the volcano, where a layer of ash still covers the ground. The 1000 Inhabitants are working on clean-up efforts, and have received help from workers and rescue teams. Geothermal wonders are a part of life in Iceland, and there is considerable experience on hand in dealing with the effects of volcanic eruptions.

More information from the Icelandic Department of Civil Protection

Are people safe in Iceland?
Many questions have come up following the recent eruption in Grímsvötn, Vatnajökull. How does the eruption affect Iceland and air travel? Are tourists safe in Iceland?
Here you can find important information