Seven people have died in Taiwan after a 7.4-magnitude earthquake hit the east coast of the island on Wednesday morning, according to the National Fire Agency (NFA), CCN reports.

According to the NFA (National Fire Agency), 736 other people were injured.

Video footage from local media showed several buildings in the city collapsed due to the quake, which occurred at a depth of 34.8 kilometers (21 miles).

There are reports of people trapped in collapsed buildings.

The CWA also issued a tsunami warning for the northern regions of the island after the earthquake, which also triggered landslides.

Subway lines in Taipei and the Taichung and Kaohsiung areas were affected, while people in coastal areas were preparing to evacuate due to fears of high waves, AA reports.

Several flights to and from Taiwan were also affected, while three injuries were reported at Taoyuan International Airport Corporation, which also suffered some damage to terminal floors, walls and sprinkler heads.

Schools in the affected areas also suspended work, and electricity in many areas was also affected.

There is a possibility that the tremors will repeat over the next few days.

Taiwan's technology companies also evacuated thousands of people and a review process is ongoing. Any impact of the earthquake on the technology sector is likely to cause disruptions in the supply of chips.

Meanwhile, Taiwan's Nuclear Safety Commission said the island's only active nuclear power plant was "operating as usual".

The earthquake triggered small tsunami waves that reached southwestern Japan, which has now lowered its high-tide warning.

"A small tsunami reached Yonaguni, Ishigaki and Miyako islands in Okinawa Prefecture," the Japan Meteorological Agency said, warning of the possibility of a larger tsunami.