A long dormant volcano on the Reykjanes Peninsula in southwestern Iceland flared to life on Friday night, spilling lava down two sides in that area's first volcanic eruption in nearly 800 years.Initial aerial footage, posted on the Facebook page of the Icelandic Meteorological Office, showed a relatively small eruption as two streams of lava ran in opposite directions down the Fagradals Mountain volcano on the Reykjanes Peninsula.The Department of Emergency Management said it was not anticipating evacuations because the volcano is in a remote valley about 1.5 miles from the nearest road.