STOCKHOLM (Reuters): Iceland’s Met Office on Monday raised its risk level for an eruption at its Bardarbunga volcano to orange, which is the fourth level on a five-grade scale. The eruption of Iceland’s Eyjafjallajokull volcano in 2010 shut down much of Europe’s airspace for six days, affecting more than 10 million people and costing $1.7 billion. There has been intense seismic activity at Bardarbunga since Aug. 16, although there are no signs of eruption yet. Bardarbunga is Iceland’s largest volcanic system, located under the ice cap of the Vatnajokull glacier in the southwest of Iceland.