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Australia: More than 70% chance of El Nino in 2014

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Australia's Bureau of Meteorology said the chances of an El Nino developing during the southern hemisphere winter, from May to July, are greater than 70%, Reuters reported.

This has raised concerns of droughts and floods around the globe.

The bureau said "surface and subsurface ocean temperatures have warmed considerably in recent weeks, consistent with a state of rapid transition."

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