This is Olav the Wolf, a sculpture made from scrap lumber by Copenhagen artist Thomas Dambo (previously at Neatorama). It was commissioned for the Copenhell 2015 music festival. They asked him to make a large, evil wolf, so he made it appear as if it were emerging from the underworld- and named it after a friend who helped him build it. The sculpture had lights inside, so it glowed red during the entire festival. Then by tradition, it was torched on the final night of the festival.
You can see pictures of Olav’s construction and the festival at Dambo’s website. -via reddit