The most famous result in the study of structured populations come from Sewall Wright. He showed that in an island model, where each subpopulation is of size $N$ and the migration rate is $m$, then the pairwise $F_{ST}$ is
$$F_{ST} = \frac{1}{4Nm+1}$$
This equation gives the expected $F_{ST}$. Because populations are finite in size ($N$), genetic drift yield this value to vary.
What is the variance in $F_{ST}$ in the infinite island model?
References
evolution in mendelian population is the original paper who derived this result from Sewall Wright.
Indirect measures of gene flow and migration: FST≠$\frac{1}{4Nm+1}$ is an influential paper in the field.
GENE FLOW IN NATURAL POPULATIONS is a famous review as well.