The outer band of rains from Hurricane Florence, expected to bring life-threatening storm surges and several feet of rainfall, approached the North Carolina coastline on Thursday, with forecasters warning that a slight weakening of wind speed did not mean the storm will not cause major damage.
Florence was last located about 60 miles east-southeast of Wilmington, N.C., with maximum sustained winds of 90 miles an hour, after the slow-moving storm was downgraded to a Category 1 storm on the Saffir-Simpson scale, according to the National Hurricane Center (NHC).
CNN reported flooding on North Carolina’s barrier islands and coast Thursday night, with a weather station in Atlantic Beach reporting more than 12 inches of rain in 24 hours. “With this storm, it’s a (Category 1) but the storm surge and the flooding is going to be that of a category 4,” CNN meteorologist Jennifer Gray said.
Good night, #Florence: This hurricane isn't going anywhere, as it lashes the North Carolina coast with powerful winds and heavy rain through the night. Track the storm in real-time: https://t.co/MF5zh5SWTC pic.twitter.com/b8dx6yrjdW
— NOAA Satellites (@NOAASatellites) September 14, 2018
The National Weather Service reported a storm surge of 10 feet above normal levels in Morehead City, N.C., on Thursday night, and flooding was reported in New Burn as rivers swelled.
Forecasters warned residents not to pay attention to the category so much as the sheer size of the storm with hurricane-force winds extending outward up to 80 miles from the center and tropical-storm force winds extending outward up to 195 miles. At 11 p.m. Eastern, heavy rainbands with tropical-storm-force winds were spreading over the North Carolina coast, the NHC said in an advisory.
“A turn toward the west- northwest and west at an even slower forward speed is expected by tonight and continuing into Friday, and a slow west-southwestward motion is forecast Friday night and Saturday,” said the advisory. That will put the center of the storm close to the coasts of North and South Carolina later Thursday then near or over the coast of southern North Carolina and northeastern South Carolina tonight and on Friday.
The biggest threat from the hurricane is not wind damage but the impact of heavy rain. Florence is expected to dump more than 3 feet of rainfall on parts of coastal North Carolina. A storm surge is expected to push coastal waters up to 13 feet above ground, if it coincides with high tide.
Winds and heavy rain are expected to move inland too and to last for days.
Bands of torrential rain associated with #Florence are expected to move into the Charleston tri-county area Friday, peaking Friday night into Saturday. @NWSWPC has that area outlined in a Slight to Moderate risk for excessive rainfall. #scwx #chswx pic.twitter.com/lXR2aNRCM9
— NWS Charleston, SC (@NWSCharlestonSC) September 13, 2018
“Life-threatening, catastrophic flash flooding and prolonged significant river flooding are likely over portions of the Carolinas and the southern and central Appalachians late this week into early next week, as Florence is expected to slow down as it approaches the coast and moves inland,” the NHC said in its latest advisory.
Getty Images Residents hunker down for the big storm. The hurricane is expected be the strongest storm to hit the region since Hurricane Hugo struck 29 years ago. The population of the Carolinas has grown by about 5 million people since then.
Rainfall over the Appalachians could lead to rock and mud slides, downing trees and saturating soil, it warned.
North Carolina Gov. Roy Cooper said Tuesday that Florence could be a “once in a lifetime” storm and urged residents to comply with safety warnings. The Federal Emergency Management Agency (FEMA) said Florence “will be a Mike Tyson punch to the Carolina coast.”
The hurricane is expected be the strongest storm to hit the region since Hurricane Hugo struck 29 years ago. The population of the Carolinas has grown by about 5 million people since then.
Charlotte, N.C.–based utility Duke Energy DUK, +1.56% warned customers in the Carolinas to brace for power outages, that could take weeks to repair.
“Historical data and company experience indicate that total power restoration from a storm of this magnitude could take multiple days to several weeks — depending on the extent of damage and post-storm conditions, such as ongoing high winds and severe flooding, after the storm passes though the region,” the company said in a statement.
In case you missed it: Calamitous weather destroyed $175 billion of wealth
See now: This amazing NASA map sho ws clouds of particles spreading across the globe
At least one airline, Delta Air Lines Inc. DAL, +0.75% , said it was adding flights from the Carolinas to help with the evacuation. The Atlanta-based carrier said it has added more than 1,000 seats and is waiving certain fees for passengers with flights routed through affected cities.
Meanwhile, the two storms that are churning behind Florence have weakened, easing concerns of a repeat of 2017’s record hurricane season, when the storms called Harvey, Irma and Maria caused more than $200 billion of losses, according to reinsurer Munich Re.
The storm known as Hurricane Helene was downgraded to a tropical storm and was last located about 1,135 miles southwast of the Azores with maximum sustained winds of 70 miles an hour. The former Hurricane Isaac, also now a tropical storm, has maximum sustained winds of 45 miles an hour. A tropical storm warning was in effect for Martinique, Dominica and Guadeloupe, while a tropical-storm watch was in effect for Antigua, Montserrat, St. Kitts and Nevis, Saba and St. Eustatius.
A new subtropical storm named Joyce was churning about 980 miles west-southwest of the Azores with maxiumum sustained winds of 40 miles an hour.
Read now: Swiss startup that filters plastics out of water is eyeing U.S. and China markets
In case you missed it: How to invest in water: A long-term bet on an essential commodity with limited supply
Read now: This unexpected sector of the stock market is the most hurt by hurricane season
The Atlantic was not the only region experiencing storm conditions. The Pacific hurricane named Olivia was downgraded to a tropical depression and was moving about 305 miles west-southwest of Honolulu, with maximum sustained winds of 35 miles an hour.
That storm is bad news for a state still cleaning up after Hurricane Lane caused massive rainfall, flooding and landslides in August.
As the chart illustrates, Hurricane Katrina, the storm that devastated New Orleans in 2005, remains the costliest ever for the U.S.
But 2017’s trio of hurricanes combined to create a record season. Hurricane Harvey caused the most damage in Texas, where it poured more than 30 inches of rain on 6.9 million people, according to National Oceanic and Atmospheric Administration data. Hurricane Maria devastated Puerto Rico, where its cost, both human and to property, is still being calculated.
CoreLogic estimates that the property damage from Florence could top $170 billion, in a worst-case rebuilding scenario. CoreLogic calculated the reconstruction cost value, which is the total expense of completely rebuilding a property in case of 100% destruction, for 12 metro areas in the Carolinas and Virginia. Read more on that here.
Among the insurers expected to feel pressure are Travelers TRV, +1.53% Allstate ALL, +1.51% Chubb CB, +1.20% and Berkshire Hathaway BRK.A, -0.24% BRK.B, +0.14% according to J.P. Morgan. And restaurant stocks like Cracker Barrel CBRL, +0.12% are also in the firing line. Those stocks were trading higher Thursday.
On the other side, companies that offer goods and services needed in the run-up and aftermath of a storm may fare well, such as Home Depot HD, -1.19% Thor Industries THO, -0.23% Avis CAR, -1.34% and United Rentals URI, -0.15% to name a few. Check out more companies that could get bumped higher here.
The S&P 500 SPX, +0.53% and the Dow Jones Industrial Average DJIA, +0.57% were up 0.3%.
Don’t miss: Trump touts ‘fantastic job’ on Puerto Rico hurricane response, despite nearly 3,000 deaths
Read now: Congress just dodged hard decisions about flood insurance again
