h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

Atlantis is most probably a small island just north of Crete. This was inhabited by the extremely advanced (they had running water, before the Romans even existed) and peaceful Minoan civilization of Crete. This island was destroyed by a massive volcanic eruption, which is proven to have happened by ice core samples form Antartica and ancient Chinese writings (the eruption sent volcanic clouds as far as the orient!). The island sunk almost overnight and massive waves hit the Greek mainland. This is the most likely resting place for 'Atlantis'. Plato was well known for embelishing his storys!

The Island you are talking about is Thera or Santorini. It has a small community nestling around the edges of a caldera (crater left by an exploded volcano) and there are numerous archeological sites exavated on the island. It is the current 'accepted' (by the 'establishment') theory.

although having read 'When the sky fell', I personally prefer that one more, especially when you read Plato's description of Atlantis lying in the center of the 'One World Ocean' Try looking at the bottom of a globe sometime

I believe Atlantis is in the volcano in the island of Thera