This will be an interesting drill. The military will be well represented. Sadly, it will not be quite as large as originally planned. I've heard that several non-military entities who were originally supposed to take part will not be playing (I suspect for budgetary reasons). Also, at one point there was talk that the various local volunteer SAR teams would get to play but that won't be happening, and I'm not sure why (we come for free).

Regarding your question about "...if Elmendorf goes down...", I think the assumption for this drill is that Elemendorf remains functional. As the article notes, the USAF has emergency combat runway repair capabilites for Elmendorf, which could probably put it back in action quickly.

If in a real earthquake Elmendorf was put out of action for an extended period of time, that would obviously complicate things. The nearest significant runway around would probably be in Palmer, about 40 miles north of Anchorage, which is about 6000 ft long. There are numerous other fields around the area, but they would be suitable only for smaller aircraft, though I suspect in an emergency a C-130 could get in to some of them.

The Navy is also playing. They are going to simulate the Port of Anchorage being out of action. The Navy has brought the USNS Mendonca to serve as a temporary port. See also Joint Logistics Over the Shore: Soldiers-sailors integrate into Alaska Shield