Vólos (vôˈlôs) [key], city (1991 pop. 77,192), capital of Magnisia prefecture, E Greece, in Thessaly, on the Gulf of Vólos, an inlet of the Aegean Sea. The principal port of Thessaly, Vólos is a transportation, commercial, and industrial center. Its leading exports are tobacco, wheat, wine, cotton, and olives. Vólos is located near the sites of the ancient towns of Pagasae and Demetrias. It was known as Gholos under Ottoman rule and was modernized after it passed to Greece in 1881. An earthquake in 1955 damaged much of the city.