The population of the Icelandic fishing town of Grindavik, with a population of about 4,000, was evacuated over the weekend due to a very high risk of a volcanic eruption. However, authorities do not know when or where a potential eruption might occur.

Magma is flowing 800 meters underground in a 15-kilometer-long fissure just outside the town in southwestern Iceland. From midnight until Sunday morning, this caused a total of 880 earthquakes in the area near the Reykjanes peninsula. Volcanologist Ármann Höskuldsson says there is a risk that this could be worse than the eruption in the town of Vestmannaeyjar on the island of Heimaey 50 years ago, when almost half of the houses in the community were buried in lava or covered in a layer of ash several meters thick. No one died that time because the population was evacuated in time.

– This is very bad news, concludes Höskuldsson.

The town’s residents were evacuated on Saturday morning, but later in the afternoon some were allowed to return to their homes to collect essentials. However, only one person per household was allowed to return, and they had only five minutes to do so. The earthquakes have reportedly caused extensive damage to roads, infrastructure, including water and power lines.

On Monday, authorities will assess whether it is safe for more people to come in and get basic necessities. The town has a population of about 4,000. Authorities cannot yet say if, when or where the eruption will occur, but it could happen anywhere within the fissure.

– We hope for the best, but prepare for the worst that the wild forces of nature can do to us, says Iceland’s President Gudni Jóhannesson.

During Sunday, seismic activity decreased somewhat. About 300 earthquakes were recorded in the area during the night to Monday.

Following the volcanic eruptions, the Icelandic government estimates the damage to Grindavík at ISK 80 billion (€538 million). Prime Minister Bjarni Benediktsson says the future of the town is uncertain and that reconstruction will require patience.

It was about a year ago that earthquakes and threats of volcanic eruptions led to the evacuation of all residents of the town. In a short time, Grindavík was hit by hundreds of earthquakes and magma was found to be flowing in a 15-kilometer-long fissure 800 meters underground.

Shortly after the earthquakes, the first volcanic eruption occurred, and since then the area has experienced five more eruptions. Although protective walls were erected around the city, the lava still flowed in and set buildings on fire.

Billions of kroner in damages

A new report by Iceland’s Prime Minister, Bjarni Benediktsson, maps out the costs of the damage in Grindavík and possible future scenarios for the town, as reported by Iceland Review. The total expenditure and investment costs of the Icelandic state as a result of the outbreaks are estimated at ISK 80 billion, equivalent to about €538 million.

Most of the costs are linked to a public investment company that has been buying up homes from residents who want to sell after the outbreaks. Additional costs relate to the protective walls that were set up around the city.

While a large proportion of properties in Grindavík escaped serious damage, 63 buildings were damaged beyond repair. Most of the damage was caused by the earthquakes, not by the lava from the eruptions.

Residents have now been allowed to return to their homes, but although 1,600 people are registered in Grindavík, only around 100 appear to have returned.

The Prime Minister emphasizes that the rebuilding process requires patience, partly because it is still unclear whether the volcanic eruptions will continue. According to researchers from Uppsala University and elsewhere, there is a risk that the eruptions could continue for decades to come.