Volcanic eruptions stand as destructive threats to adjacent communities, unleashing multiple hazards such as earthquakes, tsunamis, pyroclastic flows, and toxic gases. The imperative for proactive management of volcanic risks and communities’ adaptation cannot be overstated, particularly in densely populated areas where the potential for widespread devastation looms large. Kolumbo, an active submarine volcano located approximately 7 km northeast of Santorini Island in Greece, serves as a pertinent case. Its historical record is characterised by an eruption in 1650 CE that produced a catastrophic tsunami. The aftermath witnessed havoc on neighbouring islands, coupled with casualties stemming from noxious gases in Santorini. Eyewitness accounts mention maximum water run-up heights of 20 m on the southern coast of Ios, inundation of an area of 240 m inland on Sikinos, and a flooding of up to 2 km2 inland on the eastern coast of Santorini. Recent studies suggest that a potential future eruption of Kolumbo poses a substantial hazard to the northern and eastern coasts of Santorini. Unfortunately, the absence of a concrete management protocol leaves these areas vulnerable to an impending threat that demands immediate attention. Therefore, it is recommended that a comprehensive approach be adopted, involving scientific research (active monitoring, hazard maps), community engagement, preparedness planning with government agencies, and the development of timely response strategies to reduce the associated risks, prevent casualties, and mitigate the potential consequences on the region’s economy and infrastructure.