Oh most certainly. Couple things though is that 5.4 is quite large for a volcanic quake. Reports are coming in with rock slides and such but the meaning in regards to the volcanics on this Island is the more important issue.
Seems to deep for a volcanic quake too. I'm not an expert so please correct me if I am wrong. But I've read magma needs to be within a couple of miles of the surface before the danger of an eruption is acute.
I think the danger to the US East Coast has been over stated via giant land slide in the canary islands. Might be wrong on that too, but I do recall reading that also.