Typhoon Kalmaegi hits the Philippines

Kalmaegi (known locally as “Luis”) crossed the Philippines yesterday, probably causing tens of millions of USD in impacts:

Next up will be China and Vietnam.  The storm isn’t likely to strengthen as much as yesterday’s forecast indicated as it is moving faster than predicted, but damages in Asia will likely top $500 Million in all.  As in the Philippines, flooding is likely to be the biggest threat.

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