Cruise ships pass by Santorini volcano. Alamy
Cruise ships pass by Santorini volcano. Alamy
Cruise ships pass by Santorini volcano. Alamy
Cruise ships pass by Santorini volcano. Alamy

Eruptions at Greek volcano show activity falls as sea levels rise


Paul Peachey
  • English
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Rising sea levels from climate change may lead to reduced numbers of volcanic eruptions, according to research published on Monday.

A study of 360,000 years of activity at the Santorini volcano in Greece suggests that virtually all of the 211 eruptions examined happened when sea levels were at least 40 metres below current levels.

The melting of ice sheets exaggerated by climate change has increased water levels in the oceans and has coincided with reduced eruptions from Santorini, according to the paper published in Nature Geoscience.

Scientists said the volcano in the Aegean Sea, which last erupted in 1950, appears to have gone into a dormant state. The largest known eruption was some 3,500 years ago on Santorini, a group of islands now best-known for its whitewashed buildings and stunning sunsets, making it a major tourism draw.

The paper said the “volcano will shortly enter a period of long-term repose” from the relatively small volcanic events of the island’s recent times, but “large eruptions may remain a present-day threat”.

Researchers from the UK and Sweden have called for further studies.

“Because sea-level change is a worldwide phenomenon and the majority of the earth’s volcanic systems are located in or next to oceans, this effect is of great global concern,” the paper said.

Volcanic eruptions happen when pools of molten rock below the surface of the earth are forced to the surface.

They are caused in part by downward pressure from the land around the magma chambers, but erosion from seawater and other changes appear to have had a limiting effect on land-based volcanoes, the study found.

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

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Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

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Updated: August 02, 2021, 3:00 PM