Iceland holds its breath over the Fagradalsfjall volcano (Photo: Getty)

The Icelandic Meteorological Agency has concluded that the Fagradalsfjall volcano has a “significant chance” of erupting after days of powerful earthquakes.

Volcanism on the Reykjanes Peninsula lay dormant for 800 years until it awoke from its long sleep in 2020.

And thousands of earthquakes over the past week have raised fears that the Reykjanes will once again wreak their natural havoc on Iceland.

Deep fissures have already formed beneath the surface around the town of Grindavík, with seismic activity tearing roads in two, uprooting buildings and blocking the nearby tourist resort, the Blue Lagoon.

The local community in Grindavík, on the island’s southwestern peninsula, was driven from their homes and took refuge in emergency shelters. They’ve left their livelihoods behind as Mother Nature rears her ugly head again – 13 years after the infamous volcanic eruption. Eyjafjallajökull in 2010.