Poinbank Exchange|Photos of Iceland volcano eruption show lava fountains, miles-long crack in Earth south of Grindavik

A volcano in southern Iceland,Poinbank Exchange near Grindavik, began erupting in spectacular fashion Monday night following weeks of warning signs, including thousands of earthquakes.

Iceland's Meteorological Office said the eruption opened an approximately 2.5-mile-long fissure and created lava fountains up to 98 feet high.

Last month, the 3,400 residents of the fishing village of Grindavík, the town nearest the volcano on Iceland's Reykjanes Peninsula, were evacuated in anticipation of the pending eruption.

The meteorological office reported Tuesday that the southernmost point of the erupting volcano was about 1.86 miles from the town, and that the eruption's intensity was weakening. The lava also appeared to be flowing away from Grindavík. 

There had been concerns an eruption could last weeks, but on Thursday morning, Iceland's meteorological office said "no volcanic activity was observed" and that it appears "as though there is no activity in the craters." 

Here are some of the extraordinary images of the eruption:

Map shows location of the volcano erupting in Iceland

In:
• Volcano
• Eruption

Faris Tanyos is a news editor for CBSNews.com, where he writes and edits stories and tracks breaking news. He previously worked as a digital news producer at several local news stations up and down the West Coast.