The PRENLAB-2 project started in April 1998. It was a continuation of the PRENLAB project lasting from March 1, 1996, to February 28, 1998. It is a multidisciplinary multinational scientific project to provide knowledge which can be a basis for reducing seismic risk. The questions which are raised are where, when and how will a destructive earthquake take place. The answers are sought by studying the relatively fast crustal processes at the plate boundaries in Iceland, on time scales ranging from geological time scales to current earthquake release. While the fast dynamic processes in the Iceland crust are one of the main pillars for the project another pillar is the high level seismic observation and evaluation seismic network the SIL system.