Take the bus from the main town of Fira to Imerovigli (about a 5 minute ride). Then walk along the rim of the caldera - it's about a 2-3 hour walk with spectacular views of the caldera the whole way. Ia is a great place too, and you can catch the bus from there back to Fira.

The bus station in Fira is located just south of Platia Theotokopoulou. The path from Imerovigli is clearly marked all the way to Ia.

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