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The largest city in Alaska woke up to a horrifying and devastating 7.0 quake. swaying buildings, buckling roads and knocking down telephone towers.

However, despite the severity of the shock, a tsunami warning that was issued for the Cook Inlet and southern Kenai Peninsula regions has now been cancelled by officials.

NOAA initially put out an alert advising that there was a Tsunami warning, before lifting that around half an hour later. CNN reported that television station KTUU, an NBC affiliate, also was knocked off the air. Police said there are some homes, highways, schools, and roads with major damage and there are reports of intermittent power outages.

"We were pretty nervous", said John Ruhlin, who is from Cleveland, but now teaches at West Anchorage High School.

"The impact is very real, the impact is very hard, and it will require apparently a great deal of recovery and effort,"' United States Senator from Alaska Lisa Murkowski said.

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He believes the bank will now be paralysed for months until it becomes clear how it will be affected by new potential fines. A German court ordered the search and targeted at least two employees of the group, according to the prosecutor's office.

People went back inside buildings after the quake but a smaller aftershock a short time later sent them running back into the streets again.

Cracks could be seen in a two-story downtown Anchorage building.

From Friday's quake to early Saturday morning, parts of Alaska experienced about 194 earthquakes, according to USGS.

Alaska averages 40,000 earthquakes per year, with more large quakes than the 49 other states combined.

Jones said that future quake would be associated with Friday's natural disaster. There are reports of collapsed bridges and roads, broken gas lines and snarled traffic in the city.

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Pakistan's limitless capacity for treacherous behavior is matched only by India's bottomless ability to get surprised by it. The reference to neither India nor Pakistan being in a position to "win" a nuclear war also raised eyebrows.

Watch coverage from KTVA shortly after the quake struck.

The state also experienced the second-largest natural disaster to ever hit the U.S. -- a 9.2-magnitude in 1964.

Senior center technician Michael Burgy says gauges are being monitored to determine if any underwater landslides have generated tsunami waves.

2 p.m.: This article was updated with details about road damage. Ted Stevens Anchorage International Airport remains open, and some flights were still able to depart, but the Federal Aviation Administration said it had halted inbound flights.

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While the Portsmouth area is outside the weather warning , the city is set to experience strong winds again today. Thursday will be cool and blustery with a mix of bright spells and occasional showers.