The latest on this that I've heard is in the worst case scenario, lava could reach the Blue Lagoon and Svartsengi power plant about 3 minutes after breaking the surface. That depends on the location, the force of the eruption and the viscosity of the lava. So although there may be better warning signs before it happens, I am stunned that the BL remains open, considering their evacuation plan assumes 1 hour. If you are going to Iceland in the near future I urge you not to go to the BL unless all this has settled down!
There was no particular warning right before the last 3 eruptions. Although they were expected, nobody knew with any certainty exactly where or when or if they would come until the first lava was spotted. It may still peter out without any eruption but I wouldn't want to risk this.
But in good news, if it comes in the most likely spot, the town of Grindavík should be safe, though possibly without water and power temporarily.