Part of Burntisland High Street has been closed off to pedestrians and traffic.
Police and the fire service were called out shortly before 9am over fears that a masonry spire on top of flats above a newsagents and cafe was in danger of being blown over.
They are still on the scene, along with a Fife Council surveyor who will decide if the spire needs to be taken down immediately.
A Fife Council spokesman confirmed that the two shops underneath the building have been closed and the building services team are putting a cordon in place.
They are also working to find a contractor who would be willing to work over the weekend but with high winds forecast into tomorrow (Saturday) evening it may not be possible for work to be carried out until after that time.
The spokesman added that the restrictions will have to remain in place until work is completed.
Traffic is still being allowed along the High Street coming in from the Kinghorn end, with a diversion in place in the other direction.