This Temblor map shows the Global Earthquake Activity Rate (GEAR) model for Svalbard in the Arctic Circle. This map shows that today’s M=5.0 earthquake (magnitude from the USGS) should not be considered surprising and that the region could experience larger quakes.
At 3:59 p.m. local time, a M=5.0 earthquake shook the island of Spitsbergen, the largest island in the Svalbard archipelago in the Arctic Circle. According to the USGS, the quake occurred at a depth of 7.7 km, and was centered 133 km from Longyearbyen, the archipelago's largest settlement, which is home to a little over 2,000 people. This M=5.0 quake was preceded several hours earlier by a M=3.0. While very few people likely felt this earthquake, it highlights a lesser-known area, and
the idea that seemingly inactive faults can rupture in earthquakes.
The Svalbard archipelago represents an uplifted portion of the Barents Sea, which separates Svalbard from Northern Europe. To the west of the archipelago is the Mid-Atlantic Ridge, and the Spitsbergen Fracture Zone, a divergent plate boundary between the North American and Eurasian plates. Much of the seismicity in this part of the Arctic Ocean occurs on or near the Mid-Atlantic Ridge, which has a spreading rate of approximately 2.5 cm/yr (1 inch). However, by examining the historical seismicity of the island of Spitsbergen and the rest of Svalbard, it is clear that this remote archipelago is no stranger to earthquakes.
Comment: See also this more recent report: Another earthquake registered around Bardarbunga volcano in Iceland