The island/volcano is Hierro which has not erupted in historic times. Seismicity started a couple of months ago and has been increasing in frequency and energy. The Canary Authorities initially put their volcano alert level to yellow (oh, how apt), but last week bumped it to red. Yesterday's weekly update from the Smithsonian mentioned coloured seabed/water, bubbles, and lava fragments - so, yes for now it looks like the new activity is just offshore the island rather than erupting through one of the existing (above water) craters on Hierro.
The vast bulk of volcanic activity does not get reported in the news. Over 90% of activity is below the sea and doesn't even get reported in the special lists I follow. Of the on-land activity, famous volcanoes such as Katla and Tambora have reported activity this past week - but of course not a flutter on any of the news networks. Also this week I received an interesting (photo-wise - the text was in Spanish) report of newly-enlarged kill-zones around Turrialba in Costa Rica (a volcano I saw erupting last summer).
Richard