(Bloomberg) — Isaias could cause $1.5 billion in losses as it picks up speed and strength, likely becoming a hurricane before hitting the Carolinas and posing the second tropical threat to New York in a month.

Tropical storm and hurricane warnings reach from South Carolina to Manhattan, with the flood threat reaching well inland and as far north as Vermont, according to the National Weather Service. Isaias will likely come ashore between Myrtle Beach, South Carolina, and Wilmington, North Carolina, and then race north overland to Canada.

"There is certainly going to be some flooding in the eastern U.S.," said Don Keeney, a meteorologist with private forecaster Maxar.

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