Hurricane Erin updates: Storm weakens to Category 1, moves away from US coastline

New Jersey Gov. Phil Murphy warned on Thursday that “life-threatening rip currents will be present at all ocean beaches across the state” the next few days due to Hurricane Erin.

"Absolutely no one should be in the water today or tomorrow," he wrote on social media.

Murphy has declared a state of emergency for New Jersey. He said winds could reach 50 mph, waves could be as high as 17 feet and 1 to 3 feet of water could inundate some flood-prone areas.

Hurricane Erin is about 260 miles east of Cape Hatteras, North Carolina, and is quickly moving away from the East Coast.

Erin is very large in size, with hurricane-force winds extending out to 105 miles from its center and tropical storm-force winds extending out to 320 miles from its center.

Coastal flooding and tropical storm-force winds are ongoing along coastal parts of North Carolina and Virginia.

Photos show Hurricane Erin’s initial impact on Buxton, North Carolina, which is part of the Outer Banks.

The images show strong waves, coastal flooding and damage to some structures in the area.

Overnight, a storm surge between 2 to 3 feet was reported along the Outer Banks.

Even though the storm is moving away from the U.S. East Coast, tropical storm warnings remain in effect for the Outer Banks, where wind gusts greater than 40 mph are likely. Additionally, waves up to 20 feet are possible in the area on Thursday.

Life-threatening rip currents will be possible along the Eastern Seaboard on Thursday, even as Erin continues to shift away from the U.S. East Coast.

A high rip current risk is present on Thursday from Miami up to Cape Cod, with the high risk of rip currents likely lasting along part of the East Coast into the weekend.

High surf advisories remain in effect from Florida to Maine. Waves up to 10 to 20 feet are possible along the Outer Banks with up to 11-foot waves for the Southeast Coast, and up to 20-foot waves in parts of the Northeast.

-ABC News' Kyle Reiman