A HUGE volcano in Iceland is on the brink of erupting with locals and holidaymakers being forced to evacuate after a red alert was signalled.

Magma has reportedly erupted from Iceland'sSunddhnúksgígar volcano this morning with experts warning seismic activity has already started underground.

Lava erupting from the Sundhnúkur volcano in Iceland.Iceland'sSunddhnúksgígar volcano erupting last year with expert fearing it will erupt again today Aerial view of lava flowing from multiple craters of the Sundhnúkur volcano in Iceland.Lava spews from multiple craters of the volcano back in June