The possibility of understanding natural processes leading to explosive events in volcanic systems provides advantages for a better management of possible volcanic crises. On account of the possibility of the occurrence of other phenomena, such as tsunamis, the explosions driven by submarine volcanic systems are of particular interest, although little investigated. The recent sudden increase in the degassing activity of the submarine geothermal system of Panarea Island (Aeolian arc), has allowed us to better understand the way in which the quiet degassing activity of a submarine hydrothermal system may develop if new magma or magmatic gases feed it. We focused our investigations on the crater-shaped area where the volcanic crisis started, with the aim of evaluating whether the crater was formed by an explosive event or by sediment erosion due to the intense gas flow rate. The calculated energetic conditions, coupled with the computed physicchemical state of the fluids at the level of the deep reservoir, provided the theoretical boundary conditions of the occurred event, while suggesting that a low-energy explosion was responsible for producing the crater at the sea bottom.Keywords: hydrothermal system, explosion, submarine vents occurred off Panarea Island (Aeolian arc, Italy) where the already known submarine degassing activity suddenly increased without any geophysical precursory signal. The modifications that occurred at the local hydrothermal system produced five large areas of "bubbling sea water" near the islets of Bottaro and Lisca Bianca (Figs. 1a and b). In the main vent, close to Bottaro rock, a crater several meters wide, was formed at the sea bottom, strengthening the hypothesis that the onset of the outgassing event was explosive. The involved area is densely populated during the tourist season, above all in summer. Because of the possible implications in Civil Defense, it would be of extreme importance to establish whether or not explosive outgassing really did form the Bottaro crater, or if, instead, its existence is merely to be referred to the erosion of sediments by the flowing gases.The aim of this work is to model explosive events caused by the abrupt expansion of CO 2 and steam, while taking into account possible condensation processes. In the case of the Panarea event, constraints on the expansion process can be achieved by ascertaining the physicchemical conditions of the hydrothermal fluids and the size of the produced crater. A comparison between the measured gas output and the required amounts of gas or vapor computed by the models, highlights the explosive character of the gas release. Some outcomes regarding the maximum expected explosive event, occurring with a similar mechanism, can be inferred on the basis of a few reasonable assumptions.