Kenneth Elkjaer, a journalist with Greenland public broadcaster KNR, said Sunday the iceberg is about 500 - 600 metres (about one-third of a mile) offshore and "everybody is waiting to see what happens to the weather".
As mentioned by an expert from the Danish Meteorological Institute, satellite data reveals that the iceberg spans about 650 feet in width and shows exposed ice nearly 300 feet above the waterline.
The settlement in northwestern Greenland has 169 inhabitants, but only those living closest to the iceberg have been evacuated, Ritzau reported. The cracking, popping and the squealing sound made by an iceberg can very easily be discovered from two kilometers away underwater.
They fear that if the iceberg does calve, or break apart, the resulting crash into the ocean could send a wall of water over the coast, inundating some residences.
"We are very concerned and are afraid", Karl Petersen, chair for the local council in Innaarsuit, told the Canadian Broadcasting Corp. That's what researchers are comparing the 11-million-ton iceberg now looming over a tiny village in Greenland to.
In June, New York University researchers released a video showing an iceberg breaking away from a glacier in eastern Greenland. The iceberg is allegedly grounded on the sea floor.
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Innaarsuit is located about 1000 kilometres north of Nuuk, Greenland's capital and largest city.
Thirty-three people were evacuated farther inland.
Holland and his wife, Denise, who is with the New York University's environmental fluid dynamics laboratory happened to be at the right place, at the right time.
However, Mr. Holland says the time-lapse video has been speeded up 20 times, but still shows quite clearly how "3 percent of the annual ice loss of Greenland occur in 30 minutes", according to ABC News.
While the couple is studying Greenland, he said that "the real concern is in Antarctica, where everything is so big the stakes are much higher".