Determining the state of magma reservoirs is essential to mitigate volcanic hazards. However, geophysical methods lack the spatial resolution to quantify the volume of eruptible magma present in the system, and the study of the eruptive history of a volcano does not constrain the current state of the magma reservoir. Here, we apply a novel approach to Nevado de Toluca volcano (Mexico) to tightly constrain the rate of magma input and accumulation in the subvolcanic reservoir. We show that only a few percent of the supplied magma erupted and a melt volume of up to 350 km3 is currently stored under the volcano. If magma input resumes, the volcano can reawake from multi-millennial dormancy within a few years and produce a large eruption, due to the thermal maturity of the system. Our approach is widely applicable and provides essential quantitative information to better assess the state and hazard potential of volcanoes.