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

Erin, a massive Category 2 hurricane more than 700 miles wide, is located about 285 miles east of North Carolina’s Outer Banks and is moving northeast through the Atlantic.

Tropical storm and storm surge warnings remain in effect for the Outer Banks, where wind gusts could reach 50 mph and the surge could climb to 4 feet.

Coastal flood alerts are in effect from the Carolinas up to coastal Connecticut, where 1 to 3 feet of inundation is possible in low-lying areas.

Large waves and flooding may inundate property and roads along the coastline, especially in the Outer Banks.

Hurricane Erin will weaken as it moves away from the East Coast over the next 24 hours, but coastal impacts -- especially in the Northeast -- will linger through Friday and potentially into Saturday.

High surf advisories continue from Florida to Maine.

The peak of the waves along the Mid-Atlantic and Northeast beaches will be Thursday and Friday. Waves could reach 17 feet from the Outer Banks to New Jersey to New York.

Waves could climb to 20 feet in Rhode Island, Massachusetts and Maine Thursday night through Saturday.

The rip current danger is high from Florida to Maine on Thursday, and the threat will last through Friday.

-ABC News’ Melissa Griffin

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.