What you do is wait and minimize all physical exposure. All volcanoes are inherently dangerous even if it is only theoretical as in a dormant volcano. What bothers me here is that a large plug is now subsiding at a rate of one foot per day. This is obviously unsustainable and it must end.
If we are lucky, it will just end. The good news is that it is not rising and we must presume that hydraulic movement is simply readjusting things. Yet it can break up, though that is likely a diminishing risk. Regardless it is all on the move.
The fact remains that Iceland can horrify. When it does, we are not really in a good position to counter those effects. Can you imagine moving half of Europeans population to the Mediterranean? We actually tried to do mostly just that once in 1159 BC.
Pressure, and Mystery, on the Rise
Predicting Volcanoes’ Activity Is Tricky, and for Iceland, Nerve-Racking
Freysteinn Sigmundsson, a University of Iceland geophysicist who coordinated the study, said the seismic information, as well as extensive deformation data, showed that the dike grew in fits and starts through the fissure, which although deep was less than two yards wide. The magma would hit a barrier — essentially a narrowing of the fissure — which would cause the pressure to build up until it was great enough that the magma would overcome the barrier and keep moving.