Volcano expert Andy Hooper from Delft University said it was difficult to predict if and when Katla would erupt.
However, he said that the implications for Iceland if an eruption did occur would be "major".
"Because of the glacier on top, massive amounts of ice would melt, washing away the roads.
"There could also be a big ash fallout on people living in the area and that will affect the farms," he said.
"If Katla erupts, it will erupt higher [than recent volcanoes] and that means the ash will stay around longer - that could impact on air traffic."
Iceland's Met Office website warned there was no imminent threat but that "given the heightened levels of seismic activity, the situation might change abruptly".
Last year, eruptions at Eyjafjallajkull volcano disrupted air traffic for weeks.