In theory, yes. The Canary Islands, off the coast of Africa, lie on top of a dormant volcano. read more
If the western side of the islands collapses into the sea, it could send a tsunami to NYC, and the rest of the eastern coast of North America (as well as that of South America.) See here for some details: Megatsunami - Wikipedia. read more
Tsunamis are usually triggered by earthquakes, and seem to occur especially in conjunction with subduction zone earthquakes. Subduction zones are one of the three types of tectonic plate margin, in this case the destructive type where tectonic plates are being shoved down into the Earth’s mantle. read more