Volcanoes with crater lakes and/or extensive hydrothermal systems pose significant challenges with respect to monitoring and forecasting eruptions, but they also provide new opportunities to enhance our understanding of magmatic–hydrothermal processes. Their lakes and hydrothermal systems serve as reservoirs for magmatic heat and fluid emissions, filtering and delaying the surface expressions of magmatic unrest and eruption, yet they also enable sampling and monitoring of geochemical tracers. Here, we describe the outcomes of a highly focused international experimental campaign and workshop carried out at Kawah Ijen volcano, Indonesia, in September 2014, designed to answer fundamental questions about how to improve monitoring and eruption forecasting at wet volcanoes.