Hmmm. That 750c looks like it would complicate the engineering even though it drastically reduces the amount of water needed. How about if we were to let the water flash into steam and dissipate at, say, 150?
I don’t think it’s worth trying to stop volcanoes erupting what with it being vitallyimportant to life on the planet and the continuance of the carbon cycle and all.
A basic point the three stories of the book makes that can be applied to the OP is that cwith respect to the power inherent to nature, man’s attempts to control it can be rather pitiful in comparison and, further, may have the potential to lead to unforseen consequences.
Only around 11% of Iceland is covered by glaciers, mostly ice caps. It’s Greenland and, of course, Antarctica that you need to worry about. Everything else in the world combined would only produce a .45 meter rise.
During another Icelandic eruption back in the 60s or 70s, the locals attempted, with some success, to divert a lava flow by pumping fantastic amounts of seawater onto the lava. John McPhee discussed it in The Control of Nature.