Volcano in Island Living

basically some of the nearby lots have some volcanic eruption warning traction, in theory this randomly activates the chances of some volcano meteors falling into your lot. This goes for any other world including.

No, not really. It did turn out to be quite a disappointment.
If you add the volcanic activity trait to a lot, you will get "seismic activity" and lava bombs on the lot. They don't hit anything and they will only burn Sims if you instruct them to touch them while they are still hot. After they cool off, you can break them open for treasure. This seemed to be borked at times and I'm not sure if it was addressed.

*I do believe you can use this in any world, technically making the volcano unnecessary.

I believe you only have the chance of having anything happen on the nearby lots if the Lot trait is for the volcanic eruptions. My sim from my Off the Grid series lives right next to the volcano and nothing ever happens since she doesn't have the lot trait (I may have removed it, if it was there, I can't remember).

Alright, cool. I haven't used that lot trait yet, nor did I check whether the home lot of the sim we were using had the trait. My primary focus was on how to entertain a 5 year old before he went to bed so it's a bit harder to check things in detail. :D