The chance of another eruption at Whakaari/White Island has dropped to between 35 and 50 per cent, according to the latest GeoNet update.
Yesterday the risk was 50 to 60 per cent likelihood of another eruption in the next 24 hours.
Volcanic tremor has also 'declined significantly' overnight at Whakaari/White Island, GNS volcanologist Brad Scott says.
Since the eruption the level of seismic activity has been rising, bringing concerns of further eruptions.
Yesterday the chance of eruption was between 50 and 60 per cent, GNS said.
But now the tremors have started to slow down, with Mr Scott saying it has "declined significantly overnight".
The volcanic alert level remains at two, meaning there is moderate unrest but the volcano is not actively erupting. It's the same alert level it was before Monday's sudden eruption.
Mr Scott says the situation is still "highly volatile", with high heat flow recorded at the vent area and gas jetting and steam burst.
Efforts are underway off shore from the island to recover one of the bodies still remaining at the scene, which has been seen in the water.
Another body is still missing and authorities don't know if it's on land or in the sea.