The levees and canals in New Orleans are being overtopped but have not been breached as a weakened but still dangerous Hurricane Gustav moves over western Louisiana.

While Gustav continues to slam the Gulf Coast, the AccuWeather.com Hurricane Center is closely monitoring Hanna, which is now a hurricane, and the newly-formed Tropical Storm Ike in the middle of the Atlantic.

The eye of Gustav moved close to New Iberia and Lafayette, La. late Monday afternoon. Gustav has weakened to a Category 1 hurricane, with sustained winds decreasing to near 80 mph. Despite losing strength, the storm will continue to cause widespread flooding and damage along the Gulf Coast. Along the long list of concerns is the potential for damage to the sugarcane crop in in south-central Louisiana.

The Severe Weather Center lists the hurricane warnings in effect from the Mississippi-Alabama border to just east of High Island, Texas, including New Orleans and Lake Ponchartrain.

Tropical storm warnings are in effect from east of the Mississippi-Alabama border to the Florida-Alabama border. In addition, tornado warnings are in effect along the Gulf Coast from the Florida panhandle to Louisiana.

Water flooded Highway 90 near Interstate 10 in Gulfport, Miss., while the storm surge as high as 10 feet has swamped coastal areas of Mississippi from Waveland to Biloxi.

The strong winds were continuing to move to the northwest with the eye of Gustav. Gusts Monday afternoon have reached 91 mph in Baton Rouge and 75 mph in Lafayette.

Other peak wind gusts recorded in Louisiana through 4 p.m. CDT include:

• Grand Isle: 105 mph
• Baton Rouge: 91 mph
• Lafayette: 75 mph
• New Orleans: 72 mph

The strongest effects from Gustav are on the east and north sides of the storm, which includes New Orleans and southwestern Mississippi, which was ground zero for Hurricane Katrina.

The threat from Gustav is far from over. "We are not out of the woods," New Orleans Mayor Ray Nagin said today. "We still have some critical time between now and tonight."

Louisiana Governor Bobby Jindal said Monday, "This is a serious storm. We will begin search-and-rescue operations as soon as we safely can."

Mississippi Gov. Haley Barbour reminded everyone that,

Water is pushed over the flood wall into the upper 9th Ward from the effect of Hurricane Gustav, in New Orleans, Monday, Sept. 1, 2008. (AP Photo/Bill Haber)

"30 percent of the deaths in Katrina occurred away from coastal areas."

The system of canals and levees in New Orleans that failed after Katrina made landfall will continued to be tested through Monday evening for the first time since being partially rebuilt after Katrina.

Water is overtopping the walls of the levees in the Industrial Canal that protect the Upper and Lower Ninth Wards. However, the Army Corps of Engineers says the levees are holding.

Karen Durham-Aguilera of the Army Corps said "The system is not inundated and it is not a breach. Right now we feel that we are not going to have a true inundation or overtopping problem."

Power is out in New Orleans and across the Gulf Coast, but officials say backup generators are keeping city drainage pumps in service.

As Meteorologist Jesse Ferrell says, "The story now will turn to possible spin-off tornadoes and heavy rain for the next week." Five to 10 inches of rain, with as much as 20 inches possible in some areas can lead to massive flooding miles from the coast.

Tornadoes have been reported in Mississippi and Louisiana. The threat of tornadoes will continue for the next 12 to 24 hours as the storm moves farther over land.

The storm has slowed after moving over land, adding to the extreme flooding in Louisiana and east Texas. Southern Louisiana will get an additional 6 to 12 inches of rain through Tuesday and Wednesday.

Rain totals through 4:00 p.m. CDT include:

• Grand Isle, La.: 14.76 inches
• Pascagoula, Miss.: 4.09 inches
• Lafayette, La.: 3.92 inches
• Biloxi, Miss.: 3.78 inches
• Pensacola, Fla.: 3.04 inches
• Slidell, La.: 2.90 inches
• Mobile, Ala.: 2.36 inches

Meteorologist Rob Miller says a front currently moving across the Plains will pull the bulk of the moisture from Gustav to the north. "Two to 3 inches of rain is forecast later in the week in northeast Arkansas and southwestern Missouri. By Friday, the rain from Gustav will reach Illinois and the upper Great Lakes."

Gustav has shut down virtually all oil and natural gas production in the Gulf. The storm Monday passed over the Louisiana Offshore Oil Port, the only U.S. port that unloads supertankers. The U.S. Minerals Management Service reported Sunday that energy companies had shut in over 96 percent of oil output and 82 percent of gas production in the Gulf.

Oil prices fell sharply Monday on news that Gustav weakened as it advanced toward Louisiana. Fox Business Channel reports prices fell below $111 a barrel after rising by nearly $3 to over $118 a barrel earlier in the session.

Louisiana's sugar cane crop has been hit hard by Gustav. Over a third of U.S. sugar production comes from farms in southern Louisiana that are in the path of Gustav at a time when the cane is close to being harvested.

The impact of Gustav is being felt in St. Paul, Minnesota. President Bush will not attend the Republican National Convention, which begins today in St. Paul. The President instead went to the Texas emergency operations center in Austin.

Presumptive GOP candidate Sen. John McCain said the tone of the convention will be muted, with Gustav now taking precedence. McCain has ordered the cancellation of all but essential opening-day activities, saying it's a time when planners must do away with party politics and act as Americans.

Meanwhile, Democrat presidential candidate Barack Obama said he would make his campaign's donor list available to channel money and volunteers towards relief efforts.

While Gustav slams the Gulf Coast, AccuWeather.com Hurricane Center forecasters are continuing to monitor Hanna, which is now a Category 1 hurricane.

Hanna has strengthened Monday as it spins nearly stationary north of the Caicos Islands, very near to Mayaguana Island in the southeastern Bahamas. Winds have increased to near 80 mph with higher gusts.

The storm through Thursday will bring heavy rain to the Turks and Caicos Islands as well as the central and southern Bahamas.

The government of the Bahamas has issued a hurricane warning for the central and southeastern Bahamas and the Turks and Caicos Islands. Hurricane-force winds extend 70 miles from the center of Hanna, with tropical storm winds extending up to 140 miles from the center.

The effects of Hurricane Hanna could reach the Southeast coast of the United States by Friday.

There is now a third tropical storm to be concerned about. Tropical Depression 9 formed in the central Atlantic early Monday, and has now been upgraded to Tropical Storm Ike.

Ike is in the central Atlantic, bout 1,400 miles east of the Leeward Islands. Maximum sustained winds are near 50 mph. Ike could become a hurricane over the next 24 to 48 hours as it moves west through the Atlantic.