Floods Put Strain on Australia's Economy - Wall Street Journal

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BY ENDA CURRAN

SYDNEY—Heavy flooding along Australia's eastern coast led the country's insurers to declare a "catastrophic event" Tuesday as days of torrential rain accompanied by tornadoes added to the strain on the nation's economy.

The second major flooding disaster to hit Australia in two years has already wreaked havoc across southeastern parts of Queensland state, an important coal-producing region. The Bureau of Meteorology said the storm—dubbed ex-tropical cyclone Oswald—had moved toward the neighboring state of New South Wales.

Four people have died and hundreds were forced to evacuate as wild weather cut power supplies to about 165,000 residents. The military has deployed ...

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