First, from scientific perspective, it is facinating and stokes our imaginations. This is a science lesson for everyone - how does a volcano decide to erupt after years of quietude. Go to Joe Palca's interview on NPR to learn from the Iceland scientists monitoring this volcano [there are more nearby].
Air travel is halted and it is evident that we are more interdependent on movement than we pay attention to on a daily bais. The Times Online says airlines are looking for safe passages to use. The Dutch are testing normal flights, sans passengers except for crew.