The primary risks associated with Tropical Storm Nolo include life-threatening flooding, catastrophic flash flooding, and mudslides, particularly on Hawaii's Big Island. Flood Watches are in effect for several islands, including Maui, Molokai, Lanai, and Kahoolawe. The eastern side of the Big Island is expected to bear the brunt of the storm, with the heaviest rainfall and the highest risk of flooding. Additionally, strong wind gusts exceeding 70 mph could lead to power outages and structural damage. Residents are urged to prepare for significant impacts as the storm approaches.