The correct answer is the economic and global components.
Iceland is a volcanic island situated on the mid-oceanic Atlantic Ridge that is the boundary amid the Eurasian and North American plates. The magma enters the fissures and when it reaches the surface, it results in a volcanic eruption.
Eyjafjallajökull is a volcano in Iceland. It is situated in southern Iceland under Eyjafjallajökull icecap. Last time the volcanic eruption took place in 2010.