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The storm could make landfall in the U.S. as a Category 1 hurricane with winds topping 74 miles an hour. (Photo: Shutterstock)

(Bloomberg) – Tropical Storm Nate, on track to strike near New Orleans overnight Saturday, may cause close to $1 billion in damage across Central America and the U.S., regions already battered by the most powerful month of hurricanes on record.

Nate has triggered flooding and landslides in Central America, leaving at least 17 dead in Costa Rica and Nicaragua, and shuttered oil and natural platforms in the Gulf of Mexico.

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