[TOMT] [Movie] Looking for a movie I might’ve watched as a kid—creepy coastal village, giant octopus/kraken, and a sacrifice?

Hey everyone, I’ve been trying to figure out if this is a real movie or just something my brain made up when I was like 5 or 6 years old. I might be mixing things up, but the imagery has stuck with me for years, and I really want to know if anyone else remembers something like this.

Here’s what I can recall:
• The setting was an old village by the sea very rustic and isolated. I think the villagers mostly made their living by fishing.
• The people there were really religious, or at least superstitious, but something went off the rails. Some villagers started acting possessed or insane and they began vandalizing and destroying a church in the village.
• Then the village started to flood, and there was this ruined temple or shrine with a massive pit or hole inside.
• They were preparing to sacrifice a woman (kind of King Kong-style), lowering her into the pit.
• Out of the hole (or maybe from the sea?), this giant octopus or kraken-like creature appeared and took her.
• I vaguely remember a guy maybe related to the woman trying to stop everything. He ends up fighting these cult-like villagers.

That’s pretty much all I remember. It was intense, creepy, and definitely left a mark on my childhood brain. I have no clue if it was an actual movie, a fever dream, or something I just caught a part of on TV.

If this rings a bell for anyone, I’d love to know what it was!