Tasmanian Premier Peter Gutwein has made an emotional public address in the wake of the bouncy castle tragedy that claimed five young lives and left others injured.

The five children in years five and six were killed when a sudden gust of wind picked up a bouncy castle at Hillcrest Primary School in Devonport, Tasmania, at around 10am on Thursday morning.

The school was holding a "Big Day In" celebration to mark the last day of the 2021 school year when the bouncy castle and inflatable Zorb balls were picked up by a weather event, with nine children falling from a height of 10 metres.

Three children remain in hospital in critical condition on Friday, with one now recovering at home after being discharged.

Devastated police officers at the scene of the jumping castle accident. Photo / ABC News

Fronting the media on Friday morning along with Tasmania Police Commissioner Darren Hine, Gutwein said the tragedy was "beyond comprehension".

He said authorities were considering flying in specialist counsellors to help the grieving community.

"It is devastating, heartbreaking. It's just simply incomprehensible," he said.

"What should have been a celebration for the end of the school year turned into an unfortunate tragedy for our young children at Hillcrest Primary."

Hine said the investigation was ongoing and police were preparing a report for the coroner with the support of WorkSafe Tasmania.

The inflatable device flew several metres into the air in a gust of wind. Photo / ABC News

While he was not able to reveal specific details, as many details will be "a matter for the coroner", he said police understand there were around 40 Year 5 and 6 students taking part in the end-of-term activities at the time.

He confirmed three boys and two girls died in the tragedy.

One girl was 11 years old, and the other four children were 12 years old.

"Several adults were also in attendance when the inflatable equipment lifted into the air and they rendered first aid until emergency services arrived," he said.

Parents arrive to collect children following the incident. Photo / Helen Kempton

"There is no doubt this incident will leave its mark and I know people are sending their thoughts and prayers from right across the country and even further afield.

"We will be doing everything we can to support the community through this tragedy. Police are liaising closely with the families of the children involved."

- by Alexis Carey, news.com.au