In fact, it could well be the case that volcanic eruptions are made more likely on many island locations by a FALL in sea level. This tentative conclusion was reached after a study of the geology of the huge caldera of Santorini in the Mediterranean, which carries evidence of many eruptions before The Big One 3600 years ago (one of the biggest eruptions we know of in recent history or prehistory). These can be dated and correlated with changes in sea level.   

"The mechanism is quite simple: falling sea levels remove mass from the Earth’s crust and the crust fractures as a result. These fractures allow magma to rise and feed eruptions at the surface."

(Dr Christopher Satow, Senior Lecturer in Physical Geography at Oxford Brookes University)

I suppose (though don't pretend to know) that there may be limited coastal locations at which phreatic eruptions (those caused by the interaction of shallow magma and ground water) may be made more likely by sea level rise, but that's just me pondering.