The Grimsvotn volcano erupted Saturday in Reykjavik, Iceland. This is Iceland's most active volcano and it has forced the closure of the main international airport and all domestic flights have been cancelled. Last year, ash clouds from another Icelandic volcano, Eyjafjallajokul led to the closure of a large section of European airspace, with repercussions for flights from the U.S. Matthew Roberts from the Iceland Meteorological Office has been monitoring the erupting volcano.

From airlines champing at the bit to get back in the air over western Europe despite Iceland's volcanic ash, to some dirty dealings at Goldman Sachs, questions of risk and risk-taking are dominating the news cycle this week. But what happens if we avoid risk all-together? Is it even possible?

A massive cloud of ashes has kept thousands of fligfhts on the ground in Northern Europe yesterday after a volcano in Iceland erupted a second time this month, spewing huge amounts of silicate ash into a busy airspace for travellers in the region. Some of Europe's busiest airports have closed down in what appears to be the biggest shutdown of flights since 9/11.

A five-mile high plume of ash from an erupting volcano in Iceland is drifting across Northern Europe, causing massive disruption at airports in the U.K. and Scandinavia. All flights originating from Scotland have already been grounded, and all London flights will be suspended.

Iceland’s president, Olafur Grimsson, is refusing to sign a bill committing Iceland to pay back $5 billion dollars in loans owed to the governments of the U.K. and the Netherlands. We spoke with Gylfi Magnusson, Minister of Economic Affairs for Iceland, about the country's next steps and its relationship with the IMF.

Iceland's president, Olafur R. Grimsson, says Iceland will not pay back a $5 billion dollar loan from the governments of Britain and the Netherlands. Iceland accepted the funds last year, after one of the nation's largest banks collapsed. The people of Iceland will now vote in a referendum on whether or not to pay back the money. Meanwhile, an angry Britain says Iceland had better stick to its committments to repay the loan. For more on what this means for Iceland and its creditors, we talk to Ingo Sigfusson, a reporter with RUV, Iceland's national broadcasting service.

Tomorrow while most of us will be sleeping in, Iceland will be holding it’s first elections since the collapse of the Independence Party-led coalition government last October. In the face of the worst financial crisis in the nation's history, the Social Democrat /Left-Green alliance is expected to win the elections, and this could be the beginning of the end of the Independence Party, which has held power in Iceland for the past 18 years. Joining The Takeaway is Bjorn Malmquist, a reporter for the Icelandic National Broadcasting Service, to tell us more about what can be expected from these elections.

Bjork is still the most well-known Iceland native, and it's Friday, so enjoy: