We present a systematic analysis of the four known large X-ray flares detec
ted to date on the eclipsing binary system Algol, using an approach based o
n hydrodynamic simulations of decaying faring loops including sustained hea
ting. This method yields, for the large BeppoSAX Algol flare of Aug. 1997 (
where a geometrical estimate of the size of the flaring region is available
a more reliable size than approaches based on the free decay of the flarin
g loop. For the three flares analyzed here tone observed by EXOSAT, one by
GINGA and one by ROSAT) we show that indeed sustained heating is present in
all cases, so that the size of the flaring region is always smaller than p
reviously derived. No evidence for the very long loops previously found thr
ough quasi-static analysis methods (extending out to several stellar radii)
is found. Instead, the flaring corona of Algol is found to be rather compa
ct. By comparing the imaging VLBI observations of the radio corona of Algol
with the recent location of the Algol flare seen by BeppoSAX and with with
present results, a consistent model of the Algol corona is deduced: the co
rona is essentially concentrated onto the polar regions of the K star in Al
gol, with a more compact (smaller than the star) flaring component and a pe
rhaps somewhat more extended (comparable in size to the star) quiescent cor
ona.