I'm not going to feel sympathy for this. I trust they'll evacuate the people and perhaps suffer some property loss.
However, in the big picture, Iceland is truly blessed to have this natural resource. They heat just about the entire country with geothermal power. They are installing electricity plants that can take advantage of the excess power to do electricity intensive things like smelting aluminum. In a few years, they'll nearly all be driving electric cars and importing almost no oil whatsoever except for boats, big trucks, and specialty vehicles.
So in the big picture, Iceland is damn lucky to have these volcanoes.