There's no prize... but you get to name a freakin' MOUNTAIN!
The minister told reporters that a special work group has been put together to come up with a name, and that they have received a lot of suggestions so far.
The group is comprised of cartographers, historians and name experts - Icelandic names, particularly place names, have great significance that warrant national offices devoted just to them.
If you have a name you would like to suggest for the new mountain, please post it in the comments section below and we will forward them to the ministry en masse. Barring that, you can also contact the minister directly, here
Minister of Education and Cultural Affairs Katrín Jakobsdóttir has confirmed with RÚV that a committee is being formed to come up with a name for the new mountain created by the volcano at Fimmvörðuháls.