Scientists have discovered a large volcano off the southwestern coast of Iceland, and they think that it may erupt at any time. The find is significant because scientists had previously thought that volcanoes could not form in that area of the ocean.
Such large volcanoes are not located on oceanic ridges. They are always drifting apart and that prevents a volcano from being created. This is why the volcanos existence came as a surprise - Volcanologist Ármann Höskuldsson, University of Iceland.
The volcano is at a depth of 1,500 meters eruptions and would not have any effect on Iceland, except perhaps causing earthquakes.