Alus, Alia, Alissos, Knossos, Thera, Thebe, and Larsa are all place names(cities). Thebe is Thiva or Thebes or Kadmeia the birth place of Dionysus and Hercules(in Boeotia). Larsa is either the Sumerian city or a different pronunciation of the acropolis of Argos(Larissa). Thera is the island of Sontorini.
Tethys was an ancient Greek goddess of the sea. Zeus is the king of the 12 Greek gods.
radiation: from the volcanic eruption
oblation really, right away lamb food: intends to present an offering to a god or goddess of lamb and other food
source: is a volcanic source, a source of lava
squashing me, city ships: the volcanic eruption destroyed city ships and killed horses etc.
millstone is volcanic rock, a way to explain the lava material
abomination: filthy volcanic ash
without end: lava all over the place
to honor, Thebe I cry out loud: this seems to imply that the creator of the disk comes from the holy city of Thebes.
bowl of earth, marches to Larsa: a mushroom cloud of volcanic ash and debris is carried by the winds to the direction of the city of Larsa
Thera king if, genuinely Zeus's, you I accept the sorrow, millstone accept: King of the island of Thera if your rule was handed down by Zeus himself then I will withstand the hardship since the eruption was the will of Zeus.
It jolts a lot: earthquakes following the eruption
these have been marched, I'm coming: this a weird part of the text. It seems as if a distance has been encoded on the disk, the distance between the shipwreck itself - landing on Crete and the destination which seems to be Phaistos.
Woman misery, goddess: it refers to a goddess(woman). It's not clear if this was goddess of misery or if it simply says that due to misery a plead is made to a goddess.
be in flux: to flow. It's not clear what this means exactly. Maybe it refers to the flowing of the sea goddess Tethys mentioned earlier.
to them I plead: probably to the rulers of Phaistos