Zero Hedge 
May 22, 2011
Update from ABC7: A no-fly zone has been enacted within a 120-mile radius of the erupting volcano in Iceland.
From MSNBC: BREAKING NEWS: Iceland’s most active volcano erupting; white plume up to 18,000 feet seen.
And there goes European air traffic once again, with its already stagflationary economy to follow down the drains momentarily. At least depressionary apologists will have something to blame on the Q2 GDP plunge on.
Iceland’s most active volcano started erupting Saturday, with a white plume shooting 18,000 feet into the sky, scientists said.
The eruption was followed by around 50 small earthquakes, the largest of which measured 3.7 on the Richter Scale, according to Iceland’s meteorological office.
There was a similar eruption at the same volcano in 2004.
The Grimsvotn volcano is located underneath the Vatnajokull glacier in southeast Iceland.
A comparable eruption back in 2004:
And the seismic readings across all of Iceland just went off the charts:
And an update on the hotbed of earthquake activity that Iceland has suddenly become:
Time and magnitude of earthquake 21 May 20:20 GMT
And in the meantime Reuters is already spinning damage control:
A volcano began to erupt under Iceland’s biggest glacier on Saturday, but a geologist said he did not think it would cause the same disruption to air traffic as one that exploded in a different area last year.
The Grimsvotn volcano, under a massive glacier in southeast Iceland, has thrown a plume of white smoke about 15 km (9 miles) into the air, Met Office geologist Hjorleifur Sveinbjornsson told Reuters. He said Grimsvotn last exploded in 2004.
“It can be a big eruption, but it is unlikely to be like last year,” he added, referring to the eruption early last year under another glacier which caused air traffic chaos after spewing dark ash into the air.
And he makes this conclusion based on what again?
So… who was joking about the Rapture again?
More as we get it.