There are indications a large blob of magma is moving underneath the Reykjanes Peninsula of Iceland (south of the big airport at Keflavik). The town of Grindavík is being evacuated, and there could be a major eruption in the next few days. Here is the latest earthquake map:
And a recent satellite interfereometry map showing the land bulging from the magma buildup:
For more info and updates see the Icelandic Met Office. This matters more than just locally, major eruptions in Iceland have the potential to cause considerable chaos for trans-Atlantic aviation as even shut down air traffic over Europe itself. The 2010 eruption of Eyjafjallajökull caused nearly $2 Billion in economic impacts across Europe from disrupted traffic. It’s not likely this eruption would have similar impacts, but our ability to model that sort of thing is rather limited.
A geologist is sent to his eternal fate in the underworld, and is greeted by Old Scratch himself:
Devil: This is the lake of lava you will be spending eternity in!
Geologist: Actually, since we’re underground, it would be magma.
Devil: You understand this is why you’re here, right?