Civil Defence controller Shamus Howard told a press conference this morning a no-go area would probably be in place by the end of the day in the lake from the Tongariro delta to about 600 northwest of the village.
While it was unlikely the landslip would come down, if it did it could cause a wave in the lake of up to two metres high, he said. Authorities did not want small boats in the area.
Technical experts from GNS Science and Environment Waikato (EW) will arrive at the village this afternoon to begin a further assessment of the situation.
Adam Munro, from EW, said risks in the area were difficult and complex.
The risk of a landslide has been assessed at three to four times higher than a week ago.
State Highway 41 between Pukawa and Tokaanu remained closed today, with access only available to emergency services and the brief return of residents.
Road blocks are in place in the area.
The official handover ceremony for the largest Treaty of Waitangi settlement, the Central North Island "treelords" deal, was to be signed at Waihi Marae this Saturday. It will now take place at Hirangi Marae in Turangi.
Civil Defence organisers are deciding how best to get food and other equipment from Waihi to the new venue.
Sometimes called the "steaming hills", the area has been vulnerable to slips in the past.
Sixty people, including paramount chief, Te Heuheu Tikino II, were killed in the village after a landslide in 1846.
- NZPA