Iceland prepares for [possible] second, more devastating volcanic eruption
timesonline.co.uk
timesonline.co.uk
I can't recall the details now but I've reviewed the evacuation plan (but can't find it now) used for the area.
Once Mýrdalsjökull starts erupting it's only a matter of hours before the meltwater starts flooding across the lowlands. It'll be a glacial mudflow many meters high initially and the water/mud should be at around 1 meter at Hvolsvöllur ~40 kilometers away.
Earlier Hekla eruptions have caused global cooling for a few years. Wikipedia has more information on it.