UPDATE:

A 5.8 magnitude earthquake has hit Panama on Wednesday, according to the United States Georgraphical Survey.

The eartquake struck after it was under a Tsunami warning, following yesterday's 8.2 magnitude earthquake that hit Chile.The quake hit at 4:13 p.m. local time and was centered about 40 miles (64 km) south of David, Panama, at a dept of 6.2 miles (10 km).

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A massive 8.2 earthquake struck Chile on Tuesday evening, triggering a tsunami warning for Latin America's Pacific Coast.

A tsunami warning was issued to all areas within and bordering the Pacific Ocean and adjacent seas, except Alaska, British Columbia, Washington, Oregon and California.

The tsunami warning is in effect for Chile, Peru, Ecuador and a watch is in effect for Colombia, Panama, and Costa Rica.

However, the warning was cancelled by Chilean authorities early Wednesday morning for most coastal areas.

The quake jolted the coast of northern Chile at 8.47 p.m. local time with a depth up to 10 km.

The initial quake triggered a tsunami that struck the shore of northern Chili with an initial 2 meter tall wave within 45 minutes. 

So far, 5 people have been reported dead due to the earthquake, including those crushed by collapsing wals and heart attacks.

The area has been declared a disaster zone by President Michelle Bachalet.

Meanwhile, 300 inmates from a female prison escaped in Iquique, near the Peruvian border. 26 inmates have been recaptured. Power outages and looting have been reported, with schools cancelled across Chile.

The initial tsunami warning was issued soon after the evaluation of the 8.2 tremor "An earthquake of this size has the potential to generate a destructive tsunami that can strike coastlines near the epicenter within minutes and more distant coastlines within hours," the weather site stated. "Authorities should take appropriate action in response to this possibility. This center will monitor sea level data from gauges near the earthquake to determine if a tsunami was generated and estimate the severity of the threat."

The weather site had also provided an estimated initial tsunami wave arrival times at forecast points within the warning and watch areas (see below).