What is the orange formation on the Google Maps display of Iceland?

Question

It's a little bit more than half way down and across from Iceland. There has be a lot of buzz about it and there are differing theories, including it being a crashed UFO (cue X-files theme here). Anyone have any info?

Answer 1

I see a lot of orange c**p that is probably just the product of the substantial amount of volcanic activity on Iceland. Do you have coordinates?