IMHO, Plato used the Santorini event as an analogy, because it was 'recent', stomped the Minoans, even registered on the introverted Egyptian priesthood.
FWIW, the description of 'Atlantis' was very specifically 'Beyond the Pillars of Heracles', hence out in the Atlantic. Okay, there's been enough moon-bat notions about Central America etc, plus everywhere from Rockall, via the Canaries to the Azores. But, Eastern Atlantic geology is unambiguous. Unlike Doggerland and the Sunda Shelf, there were no vast ice-age lands. The islands rise from deep water...
Recently, a new contender showed up in South Morocco, on the Souss-Massa plain. Yup, on the mainland.
http://asalas.org/doku.php
It had 'ringy thingy' geology, was isolated by land, had a nice port, seemed amply supplied by springs, wells and melt-water. As a sea-going power, they'd have been all up and down that coast, from West Africa to the Cornish tin mines, and through into the Med. Then it was abandoned, either when changing climate dried up their mountains' snow-caps, or a quake deranged their ground-water...
( If you want an 'off the wall' what-if, they were perfectly placed to accidentally discover South America... )