You are correct. The Icelandic volcano will release CO2. Volcanoes play a vital role in the carbon balance in the Earth's atmosphere. If it were not for volcano

You are correct. The Icelandic volcano will release CO2. Volcanoes play a vital role in the carbon balance in the Earth's atmosphere. If it were not for volcanoes releasing CO2, Earth would be a lifeless snowball planet with little or no greenhouse gases containing the heat. Moreover, that CO2 will be reabsorbed into the crust of the earth through the process of weathering, CO2 + H2O → H2CO3, CaCO3 + H2CO3 → Ca2+ + 2HCO3-. This will also happen for all the CO2 that human activity is belching into the atmosphere. The problem is this will take geologic time for the problem to correct itself.