The Dancing Shiva represents the changes in the universe around us, as matter and energy constantly bump into each other, create and destroy systems and keep renewing the world. I suppose we can attach any meaning we like to this, the constant chatter of culture, the renewal of our population as people die and children and born, the violent cosmological events that keep reorganizing the universe. Any and all of these interpretations are beautiful, powerful and majestic, but for me there is one interpretation which excites me more than any other and holds a very deep truth in it. This cosmic dance is the interaction of matter and antimatter.
The statue was dedicated in 2004: Indian gift unveiled at CERN.
Here is another picture of the statue (Wikimedia):