The volcano is named after Vulcano, an Italian island north of Sicily.
(Fig. 2.1) Map of Sicily. Credit: Arduini & Pizzo
(Fig. 2.2) Picture of Vulcan.
The Vulcano has been active for thousands of years and the ancient Romans named their god of fire, Vulcan, after it.
(Except from "The New Book of Knowledge" volume G, Greek Mythology)
Hephaestus(Vulcan). When Zeus (the most powerful god) discovered that man possessed fire, he was terribly angry. He commanded Hephaestus to make a set of chains. Hephaestus was a god of many skills, often referred to as the Blacksmith of the Gods. With these chains, Zeus had Prometheus (the god who brought fire to the humans) tied to a great rock and left him to be tormented by a cruel eagle.
The Romans believed that the smoke and fire rising from the volcano came from his forge where he and his assistants the Cyclops were at work in his smithy below. Hence they named the volcano after him.