The attempt to airlift the injured captain and six passengers from the large cargo ship, the Horn Cliff, has had to be abandoned because of extremely severe weather conditions.
An RAF Sea King helicopter spent over an hour at the scene but was unable to take off the captain, who has been seriously injured, and six passengers.
Gale force winds and and eight meter sea swells made it unsafe to continue to the evacutation operation.
The large cargo vessel was hit by a giant wave 140 miles off the Cork coast and has lost about 90 containers into the sea.
The ship was carrying bananas and other fruit from the Caribbean when encountered a force ten storm off the Isles of Scilly.
Falmouth Coast Guard said the vessel has suffered some damage and is listing slightly but there is no danger of it sinking.
Meanwhile, Coast Guard officials have said there will be no attempt to re-float the Riverdance ferry tonight at high tide, at around 7pm.
The vessel ran aground off Blackpool.
The salvage expert team held a meeting in Blackpool to decide how to rescue the vessel.
The next high tide when a possible rescue could be attempted will be at 7.30am tomorrow.
The Coast Guard said there was no chance that the Riverdance will break up but it may drift inshore as night falls and the winds grow stronger.
A huge wave smashed into the Riverdance at about 8pm last night, causing it to list 60 degrees while it was being driven toward a shallow bank called Shell Flat, just off Fleetwood, north of Blackpool.
The ferry was carrying 50 trucks and trailers from Warrenpoint in Northern Ireland to Heysham in Lancashire when it ran into difficulty.
There were four passengers on board, a married couple, their teenage son, and a truck driver.
Helicopters from the RAF, Royal Navy and Irish Coastguard battled mountainous seas and 90km/h winds to rescue the 23 passengers and crew.
All but nine essential crew members had been winched to safety when the vessel ran aground at about 5am.
The captain then made the decision to evacuate those remaining on board as well.
The Riverdance is now beached about 350m off the shoreline the north shore at Cleveleys, just north of Blackpool.
A crowd of spectators, including schoolchildren, has gathered along the shoreline.
The UK coastguard is now monitoring the Bahamas-registered ferry, which was built in 1977, for any oil spills.
Trawler crew rescued off St Kilda
Fourteen crewmen were airlifted to safety today after their trawler ran aground in stormy conditions.
The Spinning Dale was pushed into rocks off St Kilda in the Western Isles early this morning.
Stornoway Coastguard said they received a distress call at 5.20am, as force-nine gales were battering the islands.
The British-registered boat, which has a Spanish crew, was taking on water, which was swamping the deck, a Coast Guard spokeswoman said.
All 14 seamen were plucked to safety at around 9am and flown to Stornoway where doctors were waiting to carry out medical examinations.
Two of the crew were suffering from mild hypothermia and another had a cut hand.
