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Paddy Power Slashes Iceland Volcano Odds After Second Eruption

Paddy Power Plc (PWL), Ireland’s biggest bookmaker, said it cut the odds on Iceland’s Eyjafjallajökull volcano being the next to erupt with a Volcanic Explosivity Index of 3 or greater.

A volcano under Iceland’s Eyjafjallajökull glacier erupted for the second time in four weeks, prompting the evacuation of more than 800 people as river levels rose three feet. The island straddles tectonic plates on the mid-Atlantic ridge, making it one of the most geologically active places on the planet.

The volcano was included on Paddy Power’s betting shortlist after it erupted last month at odds of 28-1. The bookmaker has now cut the odds to 5-1 for Eyjafjallajökull reaching 3 on the index, behind Mount Unzen in Japan at 3-1 and Nyiragongo in the Republic of Congo at 4-1.

The Volcanic Explosivity Index measures factors such as eruption cloud height and volume of product to determine how powerful eruptions are. The Mount St. Helens rupture in 1980 was 5 on the scale.

To contact the reporter on this story: Peter Branton at pbranton@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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