Eyjafjallajökull is an active central volcano. There is reportedly no recorded history of catastrophic eruptions in the area. The volcano last erupted 189 years ago and apparently caused a lot of ash fall in the area. Although speculation on the subject is pretty much useless (especially since your loving team of Grapevine reporters isn't really comprised of geologists or anything, although we scored pretty well in the subject in high school), folks are saying that besides the ash fall the greatest danger lies in glacier bursts or runs stemming from all that hot hot heat melting the glacier. There might be a bunch of water flooding the area pretty soon.
ANYWAY, this is all moot speculation. What we know at the moment is that a volcanic eruption is indeed occurring under the Eyjafjallajökull glacier, and that lava is really, really hot.
More on this as it develops. Hey, we might even be able to get you some pictures. Stay tuned.
(The photo is of Hekla, a volcano that last erupted in 1999.)
A volcanic eruption has just begun under the Eyjafjallajökull glacier. This has been verified by local authorities in neighbouring Hvolsvöllur. Vísir reports that farms in the Fljótshlíð area and by Markarhlíð are already being evacuated. Locals in the area have confirmed that they are viewing flames and a steady stream of lava from the glacier.