If it popped to the south, you would really have to worry about collapse issues, in the center more about lahars or whatever they call them in Iceland...lol
So right now a best case scenario as far as the volcano goes. Not saying there won't be major issues but it seems like it was the best place to explode(set a side a river on that side).
I still am paying very close attention to the SISZ though that thing is primed and there is very good evidence to suggest that it caused Eyjaf to erupt.
Hmmm . . . do you have a good map showing both of them clearly?