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The Kolumbo submarine volcano in the southern Aegean (Greece) is associated with repeated seismic unrest since at least two decades and the causes of this unrest are poorly understood. We present a ten‐month long microseismicity data set for the period 2006–2007. The majority of earthquakes cluster in a cone‐shaped portion of the crust below Kolumbo. The tip of this cone coincides with a low Vp‐anomaly at 2–4 km depth, which is interpreted as a crustal melt reservoir. Our data set includes several earthquake swarms, of which we analyze the four with the highest events numbers in detail. Together the swarms form a zone of fracturing elongated in the SW‐NE direction, parallel to major regional faults. All four swarms show a general upward migration of hypocenters and the cracking front propagates unusually fast, compared to swarms in other volcanic areas. We conclude that the swarm seismicity is most likely triggered by a combination of pore‐pressure perturbations and the re‐distribution of elastic stresses. Fluid pressure perturbations are induced likely by obstructions in the melt conduits in a rheologically strong layer between 6 and 9 km depth. We conclude that the zone of fractures below Kolumbo is exploited by melts ascending from the mantle and filling the crustal melt reservoir. Together with the recurring seismic unrest, our study suggests that a future eruption is probable and monitoring of the Kolumbo volcanic system is highly advisable. Key Points Seismicity is clustered in a cone‐shaped volume beneath Kolumbo; the cone's tip coincides with a melt reservoir at 2–4 km depth Seismicity swarms occupy nearby, yet different portions of the crust, ruling out an origin on a single fault Swarms were likely triggered by a combination of fluid pressure perturbations and redistribution of elastic stresses

Arc volcanoes are underlain by complex systems of molten‐rock reservoirs ranging from melt‐poor mush zones to melt‐rich magma chambers. Petrological and satellite data indicate that eruptible magma chambers form in the topmost few kilometres of the crust. However, very few chambers have ever been definitively located, suggesting that most are too short‐lived or too small to be imaged, which has direct implications for hazard assessment and modeling of magma differentiation. Here we use a high‐resolution technology based on inverting full seismic waveforms to image a small, high‐melt‐fraction magma chamber that was not detected with standard seismic tomography. The melt reservoir extends from ∼2 to at least 4 km below sea level (b.s.l.) at Kolumbo—a submarine volcano near Santorini, Greece. The chamber coincides with the termination point of the recent earthquake swarms and may be a missing link between a deeper melt reservoir and the high‐temperature hydrothermal system venting at the crater floor. The chamber poses a serious hazard as it could produce a highly explosive, tsunamigenic eruption in the near future. Our results suggest that similar reservoirs (relatively small but high‐melt‐fraction) may have gone undetected at other active volcanoes, challenging the existing eruption forecasts and reactive‐flow models of magma differentiation. Plain Language Summary Arc volcanoes, which mark the curved boundaries between converging tectonic plates, host the most explosive events on Earth. The associated hazard depends on how much mobile magma is currently present shallow beneath a volcano. Standard tomographic methods used so far have relatively low resolution and give a blurred picture of only the largest molten‐rock bodies. In particular, they struggle to distinguish between mobile magma and melt spread between tightly packed mineral grains. This study, a first in volcanology, combines a next‐generation tomographic method with extraordinarily dense seafloor recordings of controlled marine sound sources. This state‐of‐the‐art experiment at Kolumbo volcano, offshore of Santorini allowed us to detect a body of mobile magma which has been growing at an average rate of 4 × 106 m3 per year since the last eruption in 1650 CE. This rate is large enough to counteract the effect of cooling and crystallization. Our results show that Kolumbo poses a serious threat and deserves a real‐time monitoring facility. Despite the excellent data coverage, the small magma body was missed by standard tomography. This suggests that applying next‐generation imaging methods to already‐well‐studied volcanoes may lead to similar discoveries. We envision that small‐volume, high‐melt‐fraction reservoirs may be more widespread than previously thought. Key Points A shallow, very strong negative Vp anomaly imaged under the explosive, submarine Kolumbo volcano, Greece, using full‐waveform inversion The high‐fidelity image and petrologic data indicate the anomaly is a small (∼0.6‐km wide, ∼2‐km deep), magma chamber with ∼42% of melt The chamber was missed by travel‐time tomography indicating similar reservoirs may have gone undetected at other volcanoes