Why Iceland Is So Worried About a Volcanic Eruption

Bloomberg Quicktake published this video item, entitled “Why Iceland Is So Worried About a Volcanic Eruption” – below is their description.

The hurried evacuation on Nov. 11 of a fishing village on Iceland’s southern coast has drawn renewed attention to the island nation’s volcanic activity. While eruptions are frequent in Iceland, this time it’s an established community that appears be at the center of the danger zone.

The town of Grindavik has been inhabited since the country was first settled in the ninth century and is home to more than 3,600 people. While its residents are accustomed to quakes, the seismic activity has intensified since Oct. 25, when near-constant tremors began to shake the town, ripping up streets and damaging homes.

On Oct. 25, a string of earthquakes began near Svartsengi, home to Iceland’s most popular tourist resort, the Blue Lagoon. In the days that followed, scientists detected magma accumulating horizontally at a depth of about 5 kilometers (3.1 miles) by using GPS and satellite technology.

By Nov. 10, the earthquakes had intensified and shifted southwest toward Grindavik. Scientists concluded that magma was moving in a vertical dyke closer to the surface and under the town, which led to the hasty evacuation. As of Nov. 15, the Icelandic Met Office saw a significant likelihood of an eruption, though there was also the chance that the activity could die out.

An eruption was seen as most likely to occur along the dyke, which extends from the shallow waters off the coast of Grindavik and stretches northeast for about 15 km. The amount of magma underground far exceeded what was observed in the previous three eruptions, suggesting there could be a much larger discharge this time around.

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In This Story: Iceland

Iceland is a Nordic island country in the North Atlantic Ocean, with a population of 356,991 and an area of 103,000 km2 (40,000 sq mi), making it the most sparsely populated country in Europe. The capital and largest city is Reykjavík. Iceland is volcanically and geologically active. The interior consists of a plateau characterised by sand and lava fields, mountains, and glaciers, and many glacial rivers flow to the sea through the lowlands. Iceland is warmed by the Gulf Stream and has a temperate climate, despite a high latitude just outside the Arctic Circle.

Iceland’ gained independence in 1918 and founded a republic in 1944. Although its parliament (Althing) was suspended from 1799 to 1845, the island republic has been credited with sustaining the world’s oldest and longest-running parliament.

Hit hard by the worldwide financial crisis, the nation’s entire banking system systemically failed in October 2008, leading to an economic crisis and the collapse of the country’s three largest banks. By 2014, the Icelandic economy had made a significant recovery, in large part due to a surge in tourism.

Iceland has the smallest population of any NATO member and is the only one with no standing army, with a lightly armed coast guard.

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