Both you and Pick are correct but my awe is tempered when I realize a human cost in all of this and I'm thinking of the Icelandic peoples themselves. Their economy took a huge hit bad enough in that the Iceland population is in actual decline as people are moving back to the European mainland. My guess is this volcanic activity might accelerate this reverse migration going on further reducing the Icelandic population. Awesome but tragic all at the same time.
Great shots of that volcano, I'm sorry for the people who live near it and the impact it has on their lives. I am also awed by the pictures coming from the Hubble Telescope, its been up there twenty years now. http://earth.google.com/hubble20th/