If unsaturated water vapor is carried upward by a volcanic eruption column, it may eventually become saturated owing to the decrease in temperature of the column as it expands through decompression and transfers heat to entrained air. Heat released as a result of the subsequent condensation of water vapor causes the air within the column to expand. We show that this increases the buoyancy and therefore the total height of rise of the column. The increase in height is significant in relatively small sub‐Plinian and Strombolian eruptions in which mass eruption rates lie in the range 103 to 106 kg/s. In such eruptions, the latent heat released as the entrained water vapor condenses may provide the main source of heat which drives the ash and clasts upward. The height of rise then becomes relatively insensitive to the mass flux erupted at the vent and depends primarily upon the vapor loading of the atmosphere. In a moist atmosphere, ash may rise several kilomtres higher than in an eruption of comparable strength in a dry environment. Moist convection leads to much wider ash dispersal, particularly from very small eruptions. Subsequently, rain flushing of ash from umbrella clouds may result from the water which forms through the condensation of entrained vapor; the ash provides natural condensation nuclei for some of this entrained vapor, whose mass may be much greater than that of the ash. In small columns (< 15km), the dominant source of water for the formation of accretionary lapilli may be derived from the entrained vapor. In larger Plinian eruptions (> 107 kg/s), the latent heat released by condensation of vapor is relatively small in comparison with the thermal energy provided by the hot clasts and therefore moisture has no significant effect upon the eruption column dynamics; furthermore, the mass of water vapor originating from the erupted volatiles is usually comparable to, or greater than, that entrained from the ambient air. Our model also shows that, if the erupting mixture becomes buoyant, then the eruption columns associated with phreatomagmatic eruptions ascend nearly as high as Plinian columns with the same mass eruption rate. This is because the water which is vaporized by the hot ash at the source, condenses higher in the column and thereby restores its latent heat to the ascending ash.