Hurricane Lane NASA Earth Observatory images by Lauren Dauphin and Joshua Stevens, using MODIS data from LANCE/EOSDIS Rapid Response, sea surface temperature data from Coral Reef Watch, cloud data from the NASA-NOAA GOES project.

(Bloomberg) – Hurricane Lane has lost some of its punch as it prepares to brush past Hawaii but still threatens to inflict “tens of millions of dollars” in damages on the islands.

The storm weakened to Category 4 hurricane Wednesday — the second most powerful on the five-step Saffir-Simpson scale — with winds of 155 miles (250 kilometers) per hour, the Central Pacific Hurricane Center said in a statement at 8 a.m. local time. It's expected to pass southwest of Hawaii on Thursday and Friday, sparing the islands a direct hit.

“It is not going to be a big insurance event — if it stays on track,” said Chuck Watson, a disaster modeler at Enki Research in Savannah, Georgia. “It will be in the tens of millions of dollars depending on what tree falls on what expensive veranda.”

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