A few decent links-

It has been estimated that the magma source for the Eyjafjallajökull Volcano is greater than 20 km below the surface. 

A great source of information is the Icelandic Met Office. This organization issues daily reports on the status of the volcano.

A local Icelandic company providing  webcam coverage of the volcano is Miles Telecommunications.

Eyjafjallajökull Volcano (Nasa Photo)

The worlds most unpronounceable volcano, Eyjafjallajökull, located under a glacier on the south central edge of Iceland, continues to erupt with fountains of lava and prodigous volumes of dispersed ash clouds.  The NASA image above shows the lava fountains and steam emanating from the volcano. Others have captured excellent photos as well. 

“The Geology and Geodynamics of Iceland” is the title of a paper by Professor Reidar G. Tronnes, presently at the Natural History Museum at the University of Oslo. The Tronnes paper gives an excellent overview of the tectonic circumstances of Iceland and outlines some of the latest thinking on the basis of Icelands seismic and volcanic activity. 

The Icelandic landmass is the result of some very productive vulcanism stemming from a buoyant plume of magma that drives the vulcanism of Iceland. Figure 1 of the Tronnes paper shows the extensive subsurface ridge system extending from Greenland to Scotland. Figure 3 shows how the line of divergence sits in place while spreading of the sea floor and the Iceland plateau occurs on either side of the rift system. The rifting produces swarms of fissures which are coincident with the siting of the volcanos. The Mid-Atlantic ridge cuts across Iceland and assures that this location is a center of seismic and volcanic actitity.

Eruption of Eyjafjallajökull Volcano, Iceland (Photo Credit: Nasa Earth Observatory)

 NASA Earth Observatory link.