This happened today ? or last night or midnight ? or did this just happen in the last few hours ?
See #6.
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Axel says:
This seems to be in Fimmvorduhals, a ridge between Eyjafjallajokull glacier, and Myrdalsjokull glacier, the eruption is not under ice
so there is not as much risk of flood.
The eruption can be seen from Búrfell from a webcam who monitors Hekla.
http://www.ruv.is/hekla/
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Detail and photos :
Iceland: Eyjafjallajökull volcano erupts (updated) 21 March 2010
I think those timestamps must be Icelandic time.