(Photo: Hansueli Krapf)
That bubble of water is Strokkur, a geyser in the West Fjords of Iceland, just as it erupts. The name translates into English as "churn." Every three to seven minutes, it shoots water 98 feet into the air.
Strokkur was first reported in 1789 and may have been formed as a result of the horrendous volcanic eruption in Iceland from 1783-1784. It later fell dormant, but drilling in 1963 reactivated it.
Here's a video of the geyser in action. You can view a live webcam of Strokkur here.
-via Twisted Sifter