A volcano itself is "a vent in the crust of the Earth... from which issue eruptions of molten rock, hot rock fragments, and hot gases." (4) The geology of a volcanic eruption can made up of an accumulation of gassy magma, causing emissions of steams from opening in the ground. However volcanic eruptions may also cause earthquakes and a rise of magma, be it either a thin fluid lava or even shooting up in the air like a fountain. (5) The size of destruction and loss of life can vary from virtually none at all to complete devastation, depending on the actual strength of it. As stated above, the last time there was a volcanic eruption was in 1950 so volcanic activity in Greece is not as frequent as other natural disasters, regardless of its number of active volcanoes.
Given how many volcanoes are in such close proximity to Greece, the country has implemented a warning system as it has for earthquakes. In the case of Greece, there is a geospatial warning system for several active volcanoes such as Nisyros, established by Copernicus, previously known as the Global Monitoring for Environment and Security. The objective of it is to "achieve early warning of volcanic activities by monitoring measurable changes in geophysical and geochemical parameters." (6) It established correlations and runs 2D and 3D simulations and integrates its results to improve the country's ability to warn hazards and potential eruptions. They have also created an interactive multimedia tool available for citizens through CDs and the internet which include warnings risks and emergency plans for eruptions.
Sources:
Image 1: http://www.historymuseum.ca/cmc/exhibitions/civil/greece/images/gr0004b.jpg
Source 1: http://www.greeka.com/greece-holiday/nature/volcanoes/
Source 2 and 3: http://www.historymuseum.ca/cmc/exhibitions/civil/greece/gr1040e.shtml
Source 4 and 5: https://www.britannica.com/science/volcano
Source 6: http://www.copernicus.eu/projects/geowarn