They estimate that it could cost between £340 million ($500 million) and £2.3 billion ($3.5 billion) a year to increase the level of monitoring for catastrophic volcanic eruptions, but the benefits that an early warning could give would ten to hundreds of times greater.

The report states: ‘Although in the last few decades earthquakes have been the main cause of fatalities and damage, the main global risk is large volcanic eruptions that are less frequent but far more impactful than the largest earthquakes.

‘Due to their far-reaching effects on climate, food security, transportation, and supply chains, these events have the potential to trigger global disaster and catastrophe.

‘The cost of response and the ability to respond to these events is beyond the financial and political capabilities of any individual country.