Re: Ooops. Can you say "Tipping point"?
'Iceland isn't a hotspot. Iceland is the result of the plates pulling apart. *big* difference.'
Huge difference, but Iceland's activity is driven by a hotspot - in fact its the dynamic uplift of low-density, upwelling Mantle under NE-Iceland that helps keep the island elevated above sea level. The Mid Atlantic Ridge North and South of Iceland, and indeed the section along the Reykjanes Peninsula is much less productive than the region associated with the hotspot.
http://en.wikipedia.org/wiki/Iceland_hotspot if you doubt me.