A hurricane warning has been issued for the Azores, an island cluster in the mid-Atlantic, after a rare January hurricane, named Alex, formed in the area Wednesday, becoming the first hurricane to form in the Atlantic in January since 1938, officials say, according to the Associated Press.

The storm is centered about 490 miles south of Faial Island in the central Azores and is headed north-northeast at 20 mph, with maximum sustained winds near 85 mph as of Thursday morning.

Alex is the third hurricane ever recorded in January in the Atlantic Ocean, and is the first to form in January since an unnamed one in 1938. The last storm to be present during this month was Alice in 1955, however it had formed in late 1954 and carried over into the next month, according to Accuweather.

The U.S. National Hurricane Center says Alex is forecast to bring hurricane conditions to the central Azores by early Friday, reported the Detroit Free Press. When it hits, accompanying rain could potentially spur life-threatening flash floods and mudslides, while a storm surge is expected to bring significant coastal flooding.