You know, that really is the sort of thing people would do here ;) When Dethklok - sorry, Skálmöld ;) - took the stage at Menningarnótt this evening (with about a quarter of the country in attendance - who doesn't like metal? there's even been multiple Skálmöld Day“s at elementary schools where little kids come in their best metal gear and listen/ sing along to their music, and no, I'm not kidding ;) )... anyway, when they took the stage, the concert started off with a news update about the volcano. ;)
There is one music fest that I'm aware of that's held next to a volcano ("Extreme Chill - Undir Jökli), but that volcano is extinct (Snæfell).
Bárðarbunga is unfortunately rather remote. Oh, and there's the fact that the 10% of Iceland around it is now a prohibited zone...