Since someone mentioned Jeff Masters post I think this part is appropriate to focus on.
Full post at:
http://www.wunderground.com/blog/JeffMa ... rynum=1902Forecast and storm surge potential for Irene
With its eyewall collapsed and just 24 more hours over water before landfall, it is unlikely Irene will have time to build a new eyewall and intensify. The storm is too large to weaken quickly, and the best forecast is that Irene will be a Category 2 hurricane at landfall in North Carolina on Saturday, and a rapidly weakening Category 1 hurricane at its second landfall in New England on Sunday. However, since Irene is such a huge storm--tropical storm force winds extend out up to 290 miles from the center--it has set a massive amount of the ocean's surface in motion, which will cause a much larger storm surge than the winds would suggest. At 9:30am EDT this morning, a wind analysis from NOAA/HRD (Figure 1) indicated that the potential storm surge damage from Irene rated a 5.1 on a scale of 0 to 6. This is equivalent to the storm surge a typical Category 4 hurricane would have. While this damage potential should gradually decline as Irene moves northwards and weakens, we can still expect a storm surge one full Saffir-Simpson Category higher than Irene's winds. Since tides are at their highest levels of the month this weekend due to the new moon, storm surge flooding will be at a maximum during the high tidal cycles that will occur at 8 pm Saturday night and 8 am Sunday morning. At those times, Irene is expected to be near the NC/VA border, then close to Long Island, NY, respectively. Thus, storm surge damage rivaling that experienced during Hurricane Isabel in 2003 is likely in northern NC, southern Maryland, and up Chesapeake Bay on Saturday night. It looks like Irene will pass New Jersey during low tide, which may limit the storm surge inundation to 3 - 6 feet there. Coastal New England from New York City to Massachusetts may also see storm surges characteristic of a Category 1 hurricane during Sunday morning's high tide, even if Irene has weakened to a tropical storm. I continue to give a 20% chance that a storm surge high enough to over-top the Manhattan flood walls and swamp the New York City subway system will occur on Sunday.
Keep in mind he is not an official source, just one persons opinion.
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