Iceland: the ironically named volcanic island edifice located on a mid ocean ridge
The island of Iceland straddles the mid ocean ridge of the North Atlantic and entirely composed of volcanic rock (or it's now weathered products). It is quintessentially made of solidified magma and is certainly no stranger to volcanic eruptions.
The image below illustrates Iceland's position relative to the mid ocean ridge which is clearly imaged by the shaded relief rendering of the bathymetry (the colours represent the age of the oceanic crust, with red being young and blue being old). The red trianges represent active volcanic centres and the white circles mark the epicentres of recent earthquakes (with magnitudes greater than 5). The ocean age data are from EarthByte (see site for details and download options).