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Daredevil tourists are lining up to visit Iceland's largest volcano as it begins to display evidence that a small eruption has occurred.

A 5.0 magnitude earthquake rocked Bardarbunga today as scientists boarded a reconnaissance flight to get a better view of deep 'cauldrons' that have formed in a glacier that conceals the rumbling volcano.

The Icelandic Meteorological Office said the depressions developed as a result of an ice melt that may have been caused by a sub-glacial eruption, but it is not known when it may have occurred. 

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Get a look at this: Tourists photograph the Eyjafjallajokull eruption in southern Iceland in March 2010

Scientists say the cracks are 30 to 50 feet deep, about half a mile wide and up to three miles in length in an area south of the Bardarbunga caldera.

There are fears that an eruption could disrupt air travel over Europe, but Iceland's meteorological office says there is no evidence that a large eruption is underway.

The country's aviation alert level remains at orange after it was briefly raised to red – its highest level – last weekend when a possible eruption was reported. 

Bardarbunga is located under Iceland's largest glacier and it has been rocked by thousands of earthquakes for nearly two weeks.

More than 400 earthquakes were detected between midnight and 6am today. The strongest one yet occurred Tuesday morning with a magnitude of 5.7.

The Vatnajökull glacier, which covers the Bardarbunga volcano, is pictured in this file photo

Iceland raises it's aviation alert to red as eruption begins

Grounded: Passengers look at a flight board displaying dozens of cancellations during the Eyjafjallajokull crisis

While airlines remain on alert and travellers nervously book flights, UK-based travel company Discover the World has received plenty of its interest in its 'volcano hotline'.

The tour operator is planning to fly customers to the eruption site – if there is one – and almost 200 people have signed up over the last week.

In 2010, Discover the World took tourists to the Fimmvorduhals eruption in south-western Iceland.

That eruption occurred about a month before the Eyjafjallajokull volcano spewed a massive cloud of ash that shut down much of Europe's airspace for six days, causing widespread travel chaos during the crisis.