Here is an excellent video that shows the formation of the island of Santorini in its present form in relation to the circular island that was once in the past centuries.
The formation of the city that lies on the rocks and the formation of the island, which took place after several earthquakes and eruptions of 4 different volcanoes, are described in the impressive video from Nikos Korakakis and are based on recent studies and scientific research.
The geomorphological changes that have taken place over the centuries gave the island its current shape.
History of Santorini video: