Errors prevent models from being simulated at all. Warnings however, are simply there to alert us to potential problems. They do not prevent models from being simulated but it is good modelling practice to inspect all of the warning messages to see if you understand their cause. For example, if you know that your model is still partly unfinished and incomplete then receiving an information message informing you that a species has been declared but never used is not likely to cause much concern. However, if you thought that your model was complete with all species and reactions defined and all parameters in place then an information message saying that one has been declared but never used probably indicates that you have forgotten to include some definitions in the model which you meant to include.
Information messages are displayed in the problems view. They give a brief diagnostic error message and a reference to the model file and project folder where the problem was encountered. They give a line number in the file which should be near to the location of the error (although some errors have an ambiguous point of origin).