I doubt it. La Palma Island rises 4 miles from the ocean floor, and is at least another mile high. Shhh. Please don't give the blue meanies any ideas.
I mean green meanies.
So long as the volcano doesn't interfere, you could strip mine off the exposed top and dump it safely. It might take awhile, but it's not impossible. You might not remove half the potential landslide volume, but you'd get the part with the greatest potential energy. Probably not worth doing unless the currently controversy over the risk resolves to an urgent (say 25-50 year likelihood) one.