Police advised motorists to avoid the area or expect delays, as diversions were put in place for both southbound and northbound traffic.
The slip, caused by saturated ground following several weeks of heavy rain, left debris covering both lanes.
Contractors worked overnight to begin clearing the site.
One lane has now reopened under stop/go traffic management and a temporary speed limit of 30km/h is in place while crews continue to clear the remaining debris.
Waka Kotahi also reminds drivers that SH2 remains reduced to one lane through the Waimana Gorge because of an underslip, and to drive with extra caution in the Eastern Bay of Plenty.