Answer - Not Scaremongering
If and when the Cumbre VIeja erupts the chance of a "Mega Tsunami" that could destroy cities is VERY VERY REMOTE!! Why?
Because unfortunatly the most sensational theory of all has gotten the most media attention. That being that the entire mountain will collaps into the ocean at once creating a huge wave that will wipe out entre cities. This scenario however is the LEAST LIKELY to happen. Why?
Because the most recent studies show that, despite the sensational claims of some, the mountain might crubmle and fall into the ocean piece by piece during a longer period of time, thus not replacing as much water-mass as would an instant collapse.
Even though the local islands and perhaps Spain the other local countries would see some tidal waves, there would be no such thing as a MEGA TSUNAMI that is even capable of reaching the east coast of the US and South America.
There is no need to worry about this just because the media want to sell more news papers with their sensational claims.
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It will create a Tsunami, that the state of Florida does not ever want you to think about, in that it will wipe out Southern Florida @ 14' above sea level and penetrate to the begining of the hill country in Orlando @ 120' above sea level. It is a true doomsday scenario that few ever wish to think about and there is nothing anyone can do about this force of nature and the ensuing calamity.
The wave will be more like a flash flood on the surface of the ocean, that will after crossing the Atlantic in about 7 hours, will destroy/damage all US east coast seaside cities. And where the coastal water is shallow, the angle of repose on the wave (large high curl - like "The Day After Tommorrow")will be significantly above the 100' projected average. The worst part is the temporary effect of raising the ocean level in a quickly steeped manner for 20 - 25 miles inland, before following trough causes the force to recede.
This is not a pleasing scenario. With the current and succesive adverse hurricane cycle in place, greater hydroststatic pressure is being created within the extint volcano tubes, which have been stable since WWII. Overall it will ultimately and likely take the confluence of a number of external and/or internal pressuring factors to bring this about; and more than likely in geological time, that this will not happen in the questioners life time.
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Although events of this nature have occurred before, the evidence of ocean island collapses causing such distant damage is inconclusive. Through studying the many flank collapses of the Hawaiian Island Chain, there is evidence of tsunami's occurring in the nearby islands but not on the distant continents. If Cumbre Vieja were to erupt as well as collapse the damage could be extremely widespread, however as more and more evidence of island collapses are brought to light it would appear that the effects would be largely localized.