A volcanic eruption has occurred on the Reykjanes peninsula in southwest Iceland following weeks of intense seismic activity. Approximately 4,000 residents were evacuated from the fishing town of Grindavik, and the nearby Blue Lagoon geothermal spa was shut down.

According to the Icelandic Met Office, the eruption commenced north of the town at 22:17 local time (22:17 GMT). The Reykjavik region has witnessed an upsurge in earthquake activity since late October.

Social media posts featured images and videos capturing lava spewing from the volcano shortly after a series of seismic events.

To ascertain the precise location and scale of the eruption, a coastguard helicopter is en route to the area, as reported by the Met Office. Initial indications suggest it is "close to Hagafell," a town situated south of the capital.

A senior police officer from the Civil Defence conveyed to national broadcaster RUV that the eruption unfolded rapidly and appeared to be "quite a large event."

Vidir Reynisson said the lava appeared to be flowing in all directions from a large crack in the volcano.

"The jets [of lava] are quite high, so it appears to be a powerful eruption at the beginning," he said.

In April 2010, the Eyjafjallajokull volcanic eruption caused the largest closure of European airspace since World War Two, as a result of an extensive ash cloud.

Losses were estimated at between 1.5bn and 2.5bn euros (£1.3-2.2bn).

This isn't good at all