Near the Arctic Circle researchers detonate a nuclear device and unwittingly thaw a prehistoric beast frozen for millions of years. The beast begins to wreak a path of destruction as it travels southward, eventually arriving at its ancient spawning grounds, which includes New York City.
The third act - a rampage through New York comprised of stop-motion, miniatures, rear projection and other layering processes - ensures that all was worthwhile.
...admirably stands the test of time. Despite its financial restrictions, it is a solid effort that works on all levels. Not a masterpiece, perhaps, but definitely a classic of its genre...