Microsoft recently increased maximum Virtual disks size for all Azure datacentres. Now we can create disks up to 4TB and assign to Virtual machines. This also increases total capacity supported up to 256TBs per VM. At the moment, we cannot create large disks or resize using the Azure Portal, and this needs to be done using an ARM template. Portal changes are planned to be rolled out within next few weeks along with the support for Azure backups and also Azure Site Recovery (Migration & DR).