[1] We combine new observations of volcano deformation in Latin America with more than 100 previous deformation studies in other areas of the world to constrain the frequency, magnitude, and duration of subaerial volcano deformation events. We discuss implications for eruptive hazards from a given deformation event and the optimum repeat interval for proposed InSAR satellite missions. We use L band (23.6 cm wavelength) satellite-based interferometric synthetic aperture radar (InSAR) to make the first systematic search for deformation in all volcanic arcs of Latin America (including Mexico, Central America, the Caribbean, and the northern and southern Andes), spanning 2006-2008. We combine L and C band (5.6 cm wavelength) InSAR observations over the southern Andes volcanoes to extend the time series from 2002 to 2008 and assess the capabilities of the different radars: L band gives superior results in highly vegetated areas. Our observations reveal 11 areas of volcano deformation, some of them in areas that were thought to be dormant. There is a lack of observed deformation at several erupting volcanoes, probably due to temporal aliasing. The total number of deforming volcanoes in the central and southern Andes now totals 15 (from observations between 1992 and 2008), comparable to the Alaska/Aleutian arc. Globally, volcanoes deform across a variety of time scales (from seconds to centuries) often without eruption and with no apparent critical observation time scale, although observations made every minute are sometimes necessary to see precursors to eruption.