Forecasters warn of possible Australia cyclone

A home damaged by Cyclone Marcia is pictured without a roof and with some walls gone in the coastal town of Yeppoon, February 21, 2015. REUTERS/Jason Reed/Files

SYDNEY (Reuters) - A low pressure system off northeastern Australia holds up to a 50 percent chance of intensifying to cyclone strength over the next two days and slamming into a region devastated two weeks ago by Cyclone Marcia, according to meteorologists. "This low is expected to deepen during the next few days and has a moderate potential to develop into a tropical cyclone on Tuesday or Wednesday," Australia's Bureau of Meteorology said on Monday. 'Moderate' is the second-highest classification for a cyclone threat, meaning the chances range from 20 to 50 percent. So far no cyclone advice has been issued by the bureau in the projected track of the low heading towards Queensland state, where Marcia flooded homes and businesses and knocked out power lines on Feb. 20. Insurance Australia Group is facing 3,500 claims totaling up to A$90 million ($70 million) from damage caused by Marcia. Queensland's A$25 billion mining and agricultural sectors suffered little damage as the cyclone lost much of its power shortly after making landfall. ($1 = 1.2963 Australian dollars) (Reporting by James Regan; Editing by Joseph Radford)