A swath of Australia’s densely populated coastline from the Sunshine Coast to Coffs Harbour closed for business on Wednesday as millions of people bunkered down or fled from the path of one of the region’s most powerful storms in 50 years, amid warnings of a $2 billion damage bill.
S&P Global Ratings agency said Tropical Cyclone Alfred, which forecasters said was on track to cross the coast near Brisbane in the closing hours of Thursday, was likely to have a severe and costly impact on businesses and the economy.
