A lot of talk leans towards these so-called supervolcanoes, but what most people don't realize is they are not the true show stoppers, at least, from a geologic time scale perspective. The true show stoppers, the extinction level events, are the large igneous provinces. Here is a list (current and ancient):
Iceland
Many volcanologists consider that Iceland may be a LIP that is currently being formed. The last major outpouring occurred in 1783–84 from the fissure which is approximately 40 km (25 mi) long. An estimated 14 km3 (3.4 cu mi) of basaltic lava was poured out during the eruption. Iceland is forming over a hotspot that is responsible for the formation of the larger North Atlantic Igneous Province, which includes all of the North Atlantic, Greenland, Iceland, the UK, Denmark, Norway, and many of the islands in the Northeast Atlantic.
Siberian Traps
The largest flood basalt event (the Siberian Traps) occurred around 250 Ma and was coincident with the largest mass extinction in history, the Permian-Triassic extinction event, although it is also unknown whether it was completely responsible for the extinction event. 90% of the world's flora and fauna became extinct in this event.
Deccan Traps
The Réunion hotspot produced the Deccan Traps about 65 million years ago, coincident with the Cretaceous–Paleogene extinction event. The scientific consensus is that an astrobleme impact was the cause of the extinction event, but the volcanic activity may have caused environmental stresses on extant species up to the Cretaceous–Paleogene boundary.
Ontong Java Plateau
The Ontong Java Plateau, the largest LIP now has an area of about 2,000,000 km2 (770,000 sq mi), or roughly the size of Alaska, and reaches a thickness of up to 30 km (19 mi). The plateau is of volcanic origin, composed mostly of flood basalts. The province was at least 50% larger before the Manihiki and Hikurangi Plateaus broke away.
The Ontong Java Plateau was formed 125–120 million years ago during the lower Cretaceous period, possibly by the initial plume-head phase of a mantle plume center called the Louisville hotspot, with some secondary volcanism occurring 20–40 million years later, in the Upper Cretaceous Epoch.
Shatsky Ridge (The largest Volcanic province on the planet)
Shatsky Rise is a large igneous Pacific plateau (area ~4.8 x 105 km2) with a clear tectonic setting (It is about the size of California). It erupted at a triple junction during the late Jurassic and Early Cretaceous and stretches over ~1700 km withthree principal volcanic massifs: Tamu, Ori, and Shirsho. Tamu Massif erupted at ~145 Ma.
So, can another of these LIPs erupt again with devastating effect? It is possible, and frankly, I think we have yet to see the worst that Iceland has to offer.