First off, it's Godzilla by Blue Oyster Cult
Godzilla was a 30-minute animated series co-produced between Hanna-Barbera Productions and Toho in 1978 and aired on NBC in the US and TV Tokyo in Japan.
In Japan the series was called "Godzilla: Voyage Chronicles" (ゴジラ：航海クロニクル). The series is an animated adaptation of the Japanese Godzilla films produced by Toho. The series continued to air until 1981. In this episode, Godzilla takes out a ruthless terrorist organization called Cobra on Cobra Island. It's the best of the entire 26 episode series. Godzilla is allowed to act like Godzilla.
You may have noticed Godzooky, by now. He's the the nephew of Godzilla and Pete's best friend who has a light-hearted/useless role in the show. Godzooky can fly using the small wings under his arms, though his uncle Godzilla is unable to fly. Whenever he tries to breath fire, he just coughs up smoke and he never seems to have the ability to shoot laser beams from his eyes. Or change size, or be awesome. He's a proto-Scrappy Doo.