UPDATED 6.00pm: Even though New Years Eve in Munich has passed without incident, a man hunt is likely to take place to find those responsible for terror threats made on the city.

LISTEN ABOVE: International relations expert Dr Paul Buchanan speaks to Tim Wilson about the Munich terror threat 

German police said they had two pieces of information about a possible terror attack, and possibly several attacks by several terror groups.

Strategic Analyst Paul Buchanan said this story will develop over the hours ahead, and if the terrorists panic, they'll be captured.

He said if police can get their hands on the perpetrators, then they'll be able to break down some aspects of the larger terrorist network, and therefore move on to the larger terror plotting that will continue throughout 2016.

Our principle: If we can`t completely exclude a danger for the population, we will warn you. If there is news we will inform you here.

— Polizei München (@PolizeiMuenchen) January 1, 2016

No information has yet been released regarding the nature of the threat, or who is behind it.

Germa media quote a police spokesperson as saying they have concrete information they cannot sweep under the carpet.

Local media also say the information has come from French authorities.

Armed police earlier cordoned off the main railway station in Munich and asked people nearby to leave the area. This cordon has now been lifted.

#Munich Central Station and the railway station Pasing are meanwhile open again. We will remain on site and keep our eyes open.

— Polizei München (@PolizeiMuenchen) January 1, 2016

The TZ newspaper quotes a police spokesperson as saying the situation is "comparable to that in Hanover" in November, when a football match between Germany and the Netherlands was called off following the Paris attacks.

The spokesperson said they want to minimise the risk as much as possible.

Fireworks displays in Paris and Belgium were also cancelled

CNN's Fred Pleitgen said the situation is very tense.

"Police there, on the one hand, appear to be acting out of caution, but they also, from reading these statements, are taking the situation very very seriously."

"They are really being very strong in their warnings, really urging people to stay away from crowds and these railway stations, which have already been evacuated."

Police told NBC news that they had evacuated both Hauptbahnhof and Pasing stations.

They sent out a statement confirming there were "indications that a terrorist attack is planned in #Munchen" on their Twitter page.

The warning comes amid increased concerns about terrorist threats since the attack on Paris in November. Officials have already in Brussels called off some of its New Year's Eve festivities amid terrorism concerns.

Meanwhile six thousand extra police officers are patrolling New York as the city prepares to herald in the New Year.

More than a million people are expected in Times Square.

CNN's Rico Marcus reports bomb sniffing dogs are being heavily used, along with radiation and chemical detectors.

"There are over 1000 cameras here, New York City is saying you are as safe here as anywhere in the world, despite the crowds they are ready for anything."

US officials say they have already foiled a New Year's Eve terror attack on a restaurant in New York with the arrest of a 25 year old man.