Katla Now Favourite For Next Major Eruption

(27 May 2010) Leading betting organisation Paddy Power have today cut the odds on Iceland`s Katla volcano being the next volcano to erupt with a Volcanic Explosivity Index (VEI) of 3 or greater.

Katla is located just 17 miles away from neighbouring Eyjafjallajokull and has a previous track record of erupting shortly after its smaller sister. Katla is known to have erupted 16 times since 930, the last time in 1918. Since then, Katla has been quiet for the longest duration on record and experts believe that now Eyjafjallajokull has erupted, it’s just a matter of time.

As a result Katla has replaced Mount Unzen as Paddy Power’s 9/4 favourite in their next volcano to erupt betting. Other volcanoes on the short list include Mount Nyiragongo in the Democratic Republic of the Congo at 6/1 and Hawaii’s Mauna Loa at 10/1. Eyjafjallajokull also features in the betting at odds of 10/1.

A Volcanic Explosivity Index of 3 would be considered severe but not uncommon with volcano`s such as Mount Vesuvius, Mount Etna, Surtsey, Eldfell, Nevado del Ruiz all experiencing this class of eruption over the past hundred years.

Paddy Power said “We started taking bets on this back in December 2009 and at that time neither Katla nor Eyjafjallajokull even featured in the betting. We all know what has happened since and now either of the Icelandic volcanoes erupting next would cost us over €35,000 in winning bets”

Next Volcano to Erupt (VEI ≥ 3)

• 9/4 Katla (Iceland)
• 4/1 Mt Unzen (Japan)
• 6/1 Nyiragongo (DR Congo)
• 10/1 Mauna Loa (USA)
• 10/1 Eyjafjallajokull (Iceland)
• 12/1 Ulawun (Papua New Guinea)
• 12/1 Mt Vesuvius (Italy)
• 14/1 Merapi (Indonesia)
• 14/1 Colima (Mexico)
• 14/1 Santorini (Greece)
• 16/1 Rainier (USA)
• 16/1 Taal (Philippines)
• 16/1 Teide (Spain, Canary Islands)
• 18/1 Popocatepetl (Mexico)
• 18/1 Sakurajima (Japan)
• 20/1 Stromboli (Italy)
• 20/1 Casade range (USA)
• 22/1 Galeras (Colombia)
• 22/1 Avachinsky (Russia)
• 28/1 Etna (Italy)
• 28/1 Chaiten Volcano (Chile)
• 33/1 Santa Maria/Santiaguito (Guatemala)
• 50/1 Yellowstone (USA)

Paddy Power also recently launched of a holiday protection product, through the website volcanobetting.com, which is designed to safeguard holidaymakers against the threat of unscheduled airport closure due to volcanic ash.

This new initiative allows would-be holidaymakers to place a bet on a specified UK or Irish airport closing for at least a one hour period due to volcanic ash contamination on any given date between June 01 and August 31st.

The odds on offer vary by airport and by date, as an example a €1,000 holiday leaving London Heathrow on July 18th can be covered by placing a bet €50 at 20/1. Customers will each be allowed up to €2,000 of cover.