The volcanic system of Krýsuvík, is situated in the south–west of Iceland on the Reykjanes peninsula. It is located in the middle of Reykjanes and on the divergent plate boundary of the Mid-Atlantic Ridge which traverses Iceland. It was named after the Krýsuvík area which is part of it and consists of a fissure system without a central volcano. However, there are some indications—namely, the discovery by geophysical methods of what scientists interpret as a buried caldera, combined with the well-known, vigorous hydrothermal system above it—that an embryonic central magma chamber may already exist or be actively developing.