The new red sea island is likely to be a permanent geological feature as the eruption has apparently risen higher than the surface of the water.
From NASA’s Earth Observatory website :
This new satellite image, acquired January 7, 2012, suggests that the eruption has risen nearly completely above water. A plume of steam, other volcanic gases, and ash spews from a distinct cone. The land surrounding the vent has grown, and is now about 530 by 710 meters (1,700 by 2,300 feet) across. Once above water, past eruptions in the Zubair Islands were primarily effusive, with relatively runny lava forming thin lava flows. In contrast to the fragmented rock that forms when lava interacts directly with water, lava that solidifies on land is tough, so this new island is likely to stick around.