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This study focuses on determining the trace element composition in olivine from olivine tholeiitic basalts sampled in Iceland during the 2022 Meradalir eruption of the 2021 -ongoing Fagradalsfjall Fires. The chemistry of Meradalir olivine is characteristic for a volcanic origin where olivine crystals represent the product of crystallisation. Olivine from the Meradalir basalt magma falls within the field characteristic for the melting of a dominantly peridotitic mantle source. However, the data show that the 2022 Meradalir olivine crystalized from a compositionally more evolved magma than olivine from the preceding 2021 Geldingadalir eruption of the Fagradalsfjall Fires.