The brief video update in this link is definitely worth watching.
The director-general of security and emergencies of the Government of the Canary Islands, Juan Manuel Santana, has been reported that gas have been found between 600 and 1,200 metres deep under the sea and 7 km in the area of La Restinga. In a press conference after the meeting this morning in Valverde of the monitoring group for this type of crisis set by the Special Plan of Civil protection and emergency care by volcanic risk (Pevolca) of the Canary Islands, Santana said the indications point to that there will be an eruption, which would be underwater and would not cause danger to citizens.
The problem is, some of the islands sit on something similar to a "land pedestal" and at some point an eruption or an earthquake could trigger a landslide which would, in turn create a tusnami.
This story is something we'll be following closely.