Iceland has lowered its warning for aircraft to orange from red, saying there are no signs of an imminent eruption at Bardarbunga volcano.
Iceland changed the warning level Sunday, one day after it had raised it to the highest level following a small volcanic eruption that triggered fears ash in the atmosphere could disrupt air travel.
Earlier Sunday, two earthquakes measuring 5.3 and 5.1 in magnitude shook the volcano.
Aviation authorities have declared a no-fly zone around the volcano, but have not shut down Icelandic airspace.
The region in central Iceland near the volcano was evacuated last week as a precaution.
The conditions have triggered fears of a repeat of 2010's air travel disruption, in which flights were delayed or canceled for days due to a cloud of ash from an erupting volcano.