According to new study into CO2 release of Katla volcano the amount released by the volcano is massive. According to the news on Rúv the daily amount released of CO2 is 20 kiloton (1 kiloton = 1000 tons). What is not known today is if this high release of CO2 is constant or if it fluctuates during the year. More reaches is needed into that possible.
I don’t know how much magma is needed for this amount of CO2 release from Katla volcano. What I do know is that it is not little amount of magma inside Katla volcano. Largest documented eruption in Katla volcano had a VEI size of 5. The Eldgjá eruption in 934 was more lava than volcano ash and that was the largest eruption in Katla volcano for a long time. It is not possible to predict an eruption in Katla volcano or any other volcano with good precision.
This makes Katla volcano the 3rd largest CO2 releasing volcano in the world.
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Kvikusöfnun í Kötlu (Rúv.is, Icelandic)
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CO2 is the most easily released gas from magma; it can come out of solution at depth even when magma is nowhere near an eruptible situation. SO2 is different; a high SO2 flux would be a stronger warning signal. (to simplify a complex matter!)
They also measured methane and sulphur coming from Katla volcano. Quantity was not mentioned but it was considerable amount according to the news on Rúv.