Advantages/Disadvantages of living next to a volcano

Disadvantages
Sea - during a volcanic eruption earthquakes happen, and tsunamis may be created. Also, if it is a volcanic island, the island may be destroyed, and there is no escape.
Lava flow - these are very slow moving, but destructive as they cannot be stopped and they set fire to everything in their path.
Pyroclastic flow - these are impossible to outrun, travelling at about 300 km/h, and are extremely destructive
Mudflow/lahar - these are mud rivers that have the consistency of cement, and destroy everything in their path, including buildings
Advantages
Sea - there tends to be abundant sea life near volcanic islands, so there will be lots of seafood
Fertile soils - The volcanic ash from eruptions is very fertile and good for farming
Tourism - Volcanos are good for tourism, bringing towns lots of money
Quarry - There are lots of stone deposits from volcanic eruptions, which can be converted into quarries.
Geothermal energy - There will be natural vents near the volcano, in the ground which can be used to provide geothermal energy.