The prevailing theories about Atlantis are: It was Real
It's an exaggeration based on the fall of the Minoan
civilization and the destruction of the island Thera
It's Fiction
Although many people in each camp consider the case closed there is no definitive proof for any theory.
Hereafter follows a short discription of the theories, a few points for and against each
and a small map of where it may have been in each case.
It Existed
For Plato says it's a true story.
There are witen records of all of the caracters in Plato's dialogues Timaeus and Critias exept of Timaeus himself.
Against
There are no other records of such a civlization existing.
Current archaeological evidence does not support the premise that such sophisticated civilizations existed around 9000 BC anywhere in the world.
Situation
In the instance of Atlantis really existing like Timaeus and Critias claims it would most probably be situated in the middle of the Atlantic ocean, near the azores islands.
The Azores are a group of islands belonging to Portugal located about 900 miles (1500 km) west of the Portugese coast. Some people believe the islands are the mountain tops of the sunken continent of Atlantis.
Thera & The Minoan Civilization
There are some compelling similarites between the destruction of Thera and the destruction of Atlantis.....
For
The island of Thera, a volcanic island, was destroyed around 1500 BC by an explosion which caused more than half of the island to sink into the sea. Artifacts found on the island indicate a sophisticated culture, probably part of the Minoan Civilization.
There is evidence pointing to trade between the Minoans and Egyptians. The Egyptians would certainly have been aware of the destruction or at least the tremedous damage done to one of their trading partners.
Against
Proponents of this theory claim that Plato's date of 9000 years ago should really have been 900 years ago: somewhere along the line either Solon or Plato made a mistake. If the story was 900 years ago it would place Atlantis in the time frame of the Minoan civilization on Crete and Thera. Conveniently overlooked in this thinking is that in Timaeus the priest tells Solon that ancient Athens and Atlantis preceeded Egypt by a thousand years. Egypt
however existed and was known to have existed since long before 1500 BC, the time of Crete and Thera. The times just don't add up unless you assume the Egyptian priest was ignorant of his own recorded history.
Situation
If you believe that the story of Atlantis was an exaggeration of the historical desimation of Thera and the Minoan empire, then it is found in the Aegean.
The island of Thera, also known as Santorini, is a volcanic island located due north of Crete in the Aegean Sea.
Sometime around 1500 BC is was devasted by a volcanic explosion that may have contributed to the sudden downfall of the Minoan civilization.
Fiction
This is the easiest answer - Atlantis is fiction. It was made up to suit the purposes of Plato's dialogues, but in the end it is essentially impossible to prove that it is either fact or fiction.
Against
It is stated several times within the dialogues that the story is true.
Parts about the impassable sea and the true continent on the other side of Atlantis tend to indicate a more detailed knowledge than in a fictional story
Situation
If the legend were to be fiction it would be found only in the somber decaying catacombs of Plato's brain.