The Campi Flegrei caldera is considered the most dangerous volcano in Europe and is currently in a new phase of unrest (started in 2000 and still ongoing) that has persisted intermittently for several decades (main crisis occurred from 1950 to 1952, 1970–1972, and 1982–1984). Here, by combining the petrological and geochemical data collected in recent decades with numerical simulations, we place new constraints on the source(s) of the current dynamics of the volcano. In particular, we show that the measured (N2‐He‐CO2) geochemical changes at the fumaroles of Solfatara hydrothermal site are the result of massive (about 3 km3) magma degassing in the deep portion (≥200 MPa, 8 km of depth) of the plumbing system. This degassing mechanism would be able to flood the overlying hydrothermal system with hot gas, thus heating and fracturing the upper crust inducing shallow seismicity and deformation. This implies that the deep magma transfer process (≥8 km) has been decoupled from the source of deformation and seismicity, localized in the first kilometers (0–4 km) of caldera‐filling rocks. This information on magma transfer depth can have important implications for defining the best monitoring strategies and for forecasting a future eruption. Finally, this study highlights how petrological and geochemical data allow us to explore the dynamics of the deep portion of the plumbing system and thus trace the occurrence of recharge episodes, in a portion of the ductile lower crust where magma transfer occurs in the absence of earthquakes.
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