Hazards is a hazard as long it has the possibilities to cause harm or disaster to humans. Hazards can always cause a disaster. Otherwise when it comes to measure the effects of the disaster to the vulnerables/humans, there after is when we can call it a risk.
On the sample situation, the hazard is the volcano itself because it can cause harm to humans. Furtunately, there will be no chances of humans getting risks by the volcano for it is located where humans are not vulnerable to it when it erupts.
