Does this mean that vacationing at the Jersey shore is a bad idea this summer?
Yes.
The first article on this subject appeared in another source--it was a scientific concern proposition--this happened once several thousand years ago and the result was--now the sea is washing out the ridge formed by the last collapse--at some point in the future, it could happen again naturally with the following consequence. I don't remember the article as identifying the Canaries--I thought it was on the edge of the African Continent rather than the islands.
Could you induce the event at this point? Maybe. Depends on how much explosive force you could manufacture.