Story highlights The National Weather Service forecasts 40-to-50 foot waves for Oahu

But a big wave surf contest has been postponed because of bad wind conditions

"The size is there, but the quality is not," an event organizer says

The organizers will keep waiting until the end of February for "one day of quality surf"

The biggest waves in a decade are forecast to be rolling toward Hawaii this week, but many surfers are set to miss out on the chance to ride them.

The National Weather Service in Hawaii said it expects waves 40-to-50-feet high to hit the north shore of Oahu on Wednesday, driven by "a giant northwest swell."

Hawaii hasn't experienced waves that large since 2004, said Sam Houston, a forecaster with the weather service.

A high-surf warning is in effect for much of the state until Friday morning and forecasters say "giant breaking surf," dangerous currents and significant "coastal inundation" are possible.

At first glance, the tall waves would appear to offer a golden opportunity for participants in a big wave surf contest that was scheduled to take place Wednesday on Oahu.

Photos: Photos: 5 best Hawaii surf spots Photos: Photos: 5 best Hawaii surf spots 5 best Hawaii surf spots – Surfer Damien Hobgood rides a huge wave during the Billabong Pope Masters at Pipeline, Oahu, in 2012. Located on the island where modern surfing was developed, Pipeline is one of the heaviest waves in the world, towering 20 feet over a shallow base of razor-blade table reef. The National Weather Service in Hawaii said it expects waves 40-to-50-feet high to hit the north shore of Oahu on Wednesday, January 22. Hide Caption 1 of 5 Photos: Photos: 5 best Hawaii surf spots 5 best Hawaii surf spots – A surfer rides a perfect wave at Honolua Bay, on Maui. Locals may respond to requests for directions with "go back home," but this is a world-class ride with the added bonus of whale spotting from your board. Hide Caption 2 of 5 Photos: Photos: 5 best Hawaii surf spots 5 best Hawaii surf spots – Jaws on Maui, the most iconic big wave reef break on the Hawaiian Islands, gets its name from the legendary ferocity of its waves, which can reach an unbelievable 78 feet in winter, when strong winds create monster swells. Hide Caption 3 of 5 Photos: Photos: 5 best Hawaii surf spots 5 best Hawaii surf spots – Kahea Hart surfs during the Billabong Pipe Masters in Memory of Andy Irons at Backdoor, on Oahu, in 2013. An experts-only spot, the reef bottom here creates potent, hollow, fast and intimidating world-class tubes. Hide Caption 4 of 5 Photos: Photos: 5 best Hawaii surf spots 5 best Hawaii surf spots – A cloudy day on the beach of Hanalei Bay. Pros love it for its overhead tubes and consistently fine waves, others just love the super-chill vibe of a perfect beach town. Hide Caption 5 of 5

JUST WATCHED Swells tumbling into Hawaiian coast Replay More Videos ... MUST WATCH Swells tumbling into Hawaiian coast 01:00

JUST WATCHED Super sized waves expected in Hawaii Replay More Videos ... MUST WATCH Super sized waves expected in Hawaii 01:15

JUST WATCHED Dolphins make a cameo during competition Replay More Videos ... MUST WATCH Dolphins make a cameo during competition 00:44

JUST WATCHED See man surf potential 100 ft. wave Replay More Videos ... MUST WATCH See man surf potential 100 ft. wave 01:29

But the organizers have postponed the event. They say that although the waves are expected to be pleasingly large, the wind conditions are no good.

"We have taken all the time we can to assess the developments of the next big swell and it does not look favorable for us," said event organizer Glen Moncata. "The size is there, but the quality is not, due to strong, adverse winds."

Organizers of the big wave event said they will keep waiting until the end of February for "just one day of quality surf" when wave face heights reach around 40 feet.

The contest is held in honor of Eddie Aikau, a famous Oahu lifeguard who was regarded as one of the best big wave surfers of the 1960s and '70s. Aikau disappeared in 1978 during a canoe expedition from Hawaii to Tahiti.

The event -- the Quiksilver In Memory of Eddie Aikau big wave invitational -- isn't an annual occurrence. It has taken place eight times, starting in 1984. It was last held in December 2009 when Greg Long of California claimed victory.

Not that all experienced big-wave surfers will be on the sidelines.

Waves of up to 50 feet are sure to bring in towed-in surfers and spectators to Jaws, or Peahi, on Maui.

"It is a pretty awesome sight to see," said Anna Foust, emergency management officer on the island.

She said such waves from the northwest are generally not a threat to Maui's infrastructure. Still, she advised residents to be cautious of the high surf and stay well back.

Officials will be monitoring and will close beach parks, if necessary, she told CNN on Tuesday afternoon.

Why such huge waves?

A large storm with hurricane-force winds is spinning far north of the islands, but is sending a giant swell toward the warning areas, according to CNN meteorologist Brandon Miller.

JUST WATCHED Surfers catch gnarly waves amidst snow Replay More Videos ... MUST WATCH Surfers catch gnarly waves amidst snow 01:17

JUST WATCHED Is this real? Shark photobombs surfers Replay More Videos ... MUST WATCH Is this real? Shark photobombs surfers 01:01

The big waves headed for Hawaii are also prompting concern among beachfront home owners whose houses risk being flooded or are on cliffs vulnerable to erosion.

The American Red Cross says it has volunteers and supplies on standby for any homes that are affected, CNN affiliate KHNL/KGMB reported.

The high-surf warning area includes the north shore of Maui, the west shore of the Big Island, and the north and west shores of Oahu, Kauai and Molokai. While some shores may see waves of 40 to 50 feet, others may experience smaller waves of 20 to 30 feet.