The Eyjafjallajokull eruption has been pretty small so far. It is mainly in the news because of the jet stream taking the
ash over Europe. Although, if it ciontinues in earnest the sulfur dioxide could cause a little cooling haze in the region (Scandanavia and Europe). In 1783 the Laki eruption in Iceland caused problems in Europe, but that eruption was much, much bigger. It was several times bigger than the 1991 Pinatubo eruption which caused about a 0.5 C cooler year and was much bigger than the current iceland eruption.
In the last year or so there have been eruptions just as big and larger in the Alutians and Kamchatka. The ash plumes of those eruptions were easy to avoid so didn't make the news. Add on top of those, the continuous eruptions of Etna, Erebus, Kilauea, and a few others each of which give off thousands of tons of SO2 per day. And then there are a host of volcanos that have sporadic eruptions. I would put the current eruption in this category of baseline eruptions that are always occuring and don't affect climate individually.
In the 90's I did volcanology work (measuring gas plumes, collecting samples, and loads of lab work), but couldn't stomach going on for a PhD so I moved on. It was a lot of fun and these eruptions still pique my interest. Sometimes we need to be reminded that nature can and will mess with human plans.