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Bad on ya ..mates!

Monster Cyclone Yasi is expected to be the most life-threatening storm in generations, the Bureau of Meteorology warns.

Yasi intensified to a category five overnight, the highest rating possible, and the bureau says it could pack winds upwards of 300kmh when it crosses the coast.

It's expected to make landfall between Cairns and Innisfail sometime late tonight.

Thousands of people have fled their homes in low-lying areas of Cairns and surrounds, Townsville and the Cassowary Coast ahead of what's expected to be a major storm surge.

Premier Anna Bligh says Yasi is now expected to cross the coast earlier than expected, about 10pm.

That development is a big blow for authorities, as it will come in on the high tide, exacerbating the extremely dangerous storm surge it will cause. On a moderate tide, it was expected to be up to two metres in Cairns.

"This impact is likely to be more life-threatening than any experienced during recent generations," the Bureau of Meteorology said this morning.

Yasi, which currently has wind gusts at 295kmh at its core, is currently about 650km east-northeast of Cairns and 650km northeast of Townsville moving west-southwest at 30kmh.

Cyclone Yasi: Deadliest Cyclone In Generations, Warns BOM