There's no link between a volcanic eruption and the destruction of the Minoan sites -- that indicates the arrival of the Mycenaeans. Herodotus wrote a nice chunk about Calliste/There/Santorini and nothing about any eruption. The caldera is very prehistoric (10s or 100s of 1000s of years old, perhaps on the order of the age of the caldera at Kos), and from antiquity we've got just one account of an eruption, about 200 BC.
I don't know if we have any evidence for what language was spoken by the people on Thera before the eruption.