Setting up a given processor to trap IEEE-754 floating point errors currently requires custom code on a per-architecture basis. You may have to modify fpectl to control your particular hardware.
Conversion of an IEEE-754 exception to a Python exception requires
that the wrapper macros
PyFPE_END_PROTECT be inserted into your code in an appropriate
fashion. Python itself has been modified to support the
fpectl module, but many other codes of interest to numerical
analysts have not.
The fpectl module is not thread-safe.
Some files in the source distribution may be interesting in learning more about how this module operates. The include file Include/pyfpe.h discusses the implementation of this module at some length. Modules/fpetestmodule.c gives several examples of use. Many additional examples can be found in Objects/floatobject.c.