Editor's note: A report indicating a second volcano erupted in Iceland has proven to be false (full report).
The Huffington Post reports that Icelandic volcanologists consider it plausible that Katla may erupt, and that is why they are monitoring Katla very closely right now. Its last major eruption was in 1918.
There are channels between the two volcanoes that allow magma to travel between them, and there are three documented incidents of an eruption of Eyjafjallajökull preceding an eruption of Mount Katla - although Mount Katla has also been known to be active without activity from Eyjafjallajökull.
While Eyjafjallajökull's previous eruption in 1821 lasted for more than a year, the volcano is considered a minor volcano in Iceland. Should Mount Katla erupt the economic implications will be vast by comparison.
The Huffington Post says some experts predict that the eruptions will start tapering off and that the skies over Europe will be clear for flights within the next couple of weeks. Other experts however forecast that Iceland's volcanic activity could last up to a year.
" The lava is now coming out ten times faster than the last eruption. This eruption has many of the same characteristics as the eruptions in the 19th century. Whether or not the eruptions go on for nearly a year as the past eruptions did, only time will tell."