It’s an energy source that can deliver emissions-free power even if the sun doesn’t shine or the wind doesn’t blow, and can’t be easily blown up by adversaries.
On paper, at least, that’s what makes geothermal perfect for Europe, a continent determined to decrease its reliance on imported fossil fuels and build its own energy security — without sacrificing its climate goals.
That’s the argument that more than 60 companies and investors made earlier this month in an open letter to European leaders, urging them to “significantly strengthen” their support for geothermal power. Meanwhile, some European politicians have also argued that the region must do more to become a leader in the sector.
Investors in European clean tech firms are also banging the drum. One of their key concerns is that Europe could lose its local geothermal champions to the US, where deal flow is growing.
“Geothermal is a core competency in our race to energy independence,” said Nick de la Forge, general partner and co-founder of Planet A Ventures, a Berlin-based venture capital fund. “The current energy shock makes it clearer than ever that geothermal is a strategic imperative Europe cannot afford to ignore.”
De la Forge said one of Planet A’s portfolio companies, which provides drilling technologies for geothermal developers, was founded in Slovakia but “had no choice but to relocate to the US” because “the market conditions to grow” pioneering technologies did not exist in Europe.
Of course we associate geothermal mostly with volcanoes. Ring of fire around the Pacific. Europe is not well known for its volcanoes. Vesuvius? Any others?
New geothermal technologies could replace 42% of EU’s fossil electricity, at costs comparable to coal and gas
Geothermal power generation was long considered viable only in volcanic regions such as Iceland or Indonesia. Conventional geothermal relied on underground rock formations that were both hot and naturally permeable, allowing water already present at depth to circulate and transport heat. These rare conditions confined large-scale deployment to a limited number of regions worldwide. As a result, geothermal energy remained a [niche contributor] to global electricity generation (99TWh or less than 0,5% in 2024) despite its dispatchable nature and low emissions profile.
During the last decade, progress in geothermal technologies – often referred to as ‘next generation geothermal’ – has removed the need for naturally occurring permeability, meaning the presence of open pores in rock that allow fluids to flow. New approaches can now create or enhance these flow pathways artificially. Combined with more cost-effective deep drilling and advances in power-conversion systems that enable electricity generation at lower temperatures, significantly expanding the range of geological settings suitable for geothermal power generation. As a result, geothermal deployment is expected to accelerate rapidly: by 2030, nearly [1.5 GW of new capacity] is expected to come online each year globally, three times the level added in 2024. At the global level, [geothermal] could meet up to 15% of the growth in electricity demand by 2050.
Etna, Sicily
Not too long ago a volcano in Iceland stopped aviation.
Google AI:
That event was the 2010 eruption of the Icelandic volcano Eyjafjallajökull (pronounced AY-yah-fyah-lah-yer-kuhl).
While it was 15 years ago, it remains the largest air-traffic shutdown since World War II and is still frequently discussed as a “Black Swan” event in aviation history
Google AI
Europe is home to significant volcanic activity, with 47 active volcanoes spread across the continent and surrounding islands. The highest concentration of active, dangerous, and frequently erupting volcanoes is in Italy and Iceland, with other notable sites in Spain, Greece, and Russia.
Top Active Volcanoes in Europe
Mount Etna (Sicily, Italy): One of the world’s most active volcanoes and the highest in Europe (roughly 3,329 m). It is in a near-constant state of activity, with frequent eruptions impacting the region.
Stromboli (Aeolian Islands, Italy): Known as the “Lighthouse of the Mediterranean,” it has been erupting almost continuously for the past 2,000 years.
Mount Vesuvius (Mainland Italy): Famous for destroying Pompeii in 79 AD, it is the only active volcano on the European mainland and last erupted in 1944.
Fagradalsfjall / Reykjanes Peninsula (Iceland): Iceland hosts 33 active volcanic systems. The Reykjanes peninsula has seen several fissure eruptions since 2021.
Teide (Tenerife, Spain): Located in the Canary Islands, this is the highest peak in Spain and a large active volcano.
Santorini (Greece): A massive submerged caldera in the Aegean Sea, known for one of the largest eruptions in history.
Key Volcano Regions
Italy: Home to at least 8 active volcanoes, including Campi Flegrei, which is showing signs of increased activity.
Iceland: Known as the “land of fire and ice,” it has over 100 volcanoes.
Spain (Canary Islands): Active sites include La Palma (Cumbre Vieja) and Tenerife (Teide).
Greece: Features the Hellenic Volcanic Arc (Santorini, Nisyros).
Russia: The Caucasus region boasts Mount Elbrus, a 5,642 m high, two-peaked dormant/active volcano, considered by many to be Europe’s highest.
Recent Activity (2020-2026)
La Palma, Spain: A major eruption of the Cumbre Vieja volcano occurred in late 2021.
Etna & Stromboli, Italy: Regular eruptions with significant ash plumes and lava flows continue, including events in 2025 and 2026.
Iceland: Repeated fissure eruptions on the Reykjanes Peninsula near Grindavík: