Laguna was looking at the Lunatic Pandora, I think that's fairly certain.

As to the crater, I suppose it is from a Lunar Cry, but that doesn't make too much sense. The last Lunar Cry was in Centra, but there is no crater there that stops you from flying through it. If you try to fly into the crater in Trabia, you'll find that you can't. There is nothing like that in Centra, so the idea that it is from the Lunar Cry can be viewed as suspect. Of course, after experiencing this situation in the Highwind in FFVII...