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A man boards up the windows of a beach house as Tropical Storm Dorian approaches Cabo Rojo, Puerto Rico. Photo: Ricardo Arduengo/Reuters

President Trump has approved an emergency declaration for Puerto Rico to enable federal assistance, with Tropical Storm Dorian fast approaching and the U.S. territory on hurricane watch — as forecasters warn it could take a direct hit Wednesday.

Why it matters: Puerto Rico is struggling to recover from Hurricane Maria. It declared bankruptcy in 2017 amid "the biggest government financial collapse in United States history." Puerto Rico Gov. Wanda Vázquez Garced has already signed an executive order declaring a state of emergency on the island, per Bloomberg's Michael Deibert.

  • The emergency declaration will allow for the activation of Puerto Rico's National Guard, while an order freezing prices, including fuel, which Garced signed to "prevent profiteering," Deibert reports.
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

The big picture: Dorian became on Saturday the 4th tropical storm to form during this year’s Atlantic hurricane season. The storm has already caused power outages and brought down trees in Barbados and St. Lucia, per AP.

  • The National Weather Service tweeted on Wednesday morning that hurrican watches had also been issued for Vieques, Culebra and the U. S. Virgin Islands.
  • Authorities in Puerto Rico have closed schools early and prepared emergency shelter for tens of thousands of people ahead of Dorian's arrival, the New York Times reports.

What they're saying: Garced told a news conference she's "confident that the people of Puerto Rico are prepared," per the NYT.

  • San Juan Mayor Carmen Yulín Cruz told CNN that Puerto Rico's capital was much better prepared than when Maria struck in 2017.
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Editor's note: This article has been updated with the latest on Dorian.

Go deeper: The Atlantic Basin's tropical storms and hurricanes in 2019

Go deeper

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.

Developed countries reveal $100 billion climate finance plan ahead of COP26

Alok Sharma, head of the UN Climate Summit in Glasgow, speaks in Paris on Oct. 12. ( Li Yang/China News Service via Getty Images)

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.

2 hours ago - Health

Moderna says COVID vaccine shows strong immune response in kids

Photo: Martin Galindo/Long Visual Press/Universal Images Group via Getty Images

Moderna on Monday released trial results for its coronavirus vaccine for children aged 6 to 11, saying it provides a "robust" immune response after two doses.

Why it matters: Moderna said it will officially submit the results to the Food and Drug Administration for authorization in "the near term," meaning we could soon see two coronavirus vaccines available to protect approximately 28 million more kids in the U.S.

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