A powerful storm battered the western and southern coasts of England yesterday, causing severe disruption for travellers and leaving many homes flooded or without power.

Gales nearing 80mph that roared in from the Atlantic left thousands of homes without electricity after trees crashed down on lines. More than 100 flights - including about 30 to and from Scottish airports - were cancelled or delayed, and travel by rail, road and sea was also severely hampered.

Insurers said the cost of such a storm - the strongest of the winter this year in southern areas of the country - could run into hundreds of millions of pounds.

Although Scotland escaped most of the early morning chaos, forecasters have warned that a large part of the country will bear the brunt later today and tomorrow of a second storm, which will bring gusts of more than 70mph.

The West Country and South Wales bore the brunt of yesterday's weather, along with other coastal areas.

Rescuers helped a Swedish tanker with 13 crew on board, which got into difficulties off the Isle of Wight as the storms whipped up the waters.

The Environment Agency said that more than 40 flood warnings were in place in England and Wales. An agency spokesman said the situation improved along parts of the south-west and southern coasts as the day progressed, but he urged people in those areas to stay vigilant, as spring tides combining with strong winds could cause flooding. In many areas, fallen trees caused blockages on roads and railway lines.

Speed restrictions were imposed on trains because of the high winds and heavy rain.

British Airways had to cancel a number of short-haul flights from Heathrow and Gatwick Airports after air traffic control chiefs imposed flow controls on take-offs and landings. Some flights to Gatwick had to divert to other airports.

A spokeswoman for the British Airports Authority, which operates Aberdeen, Glasgow and Edinburgh airports, said 14 early-morning flights and three later flights from Scotland were cancelled and several others were delayed. Several inbound flights were also cancelled or delayed.

The Port of Dover was closed to all shipping movements as gales buffeted the coast. It later reopened but closed again as strong winds continued to batter the area.

Around 4500 people in the West Country and South Wales were without power yesterday morning after trees crashed on to power lines. Some houses were flooded in Fishguard and Cardigan in Wales, while in Cornwall more than 30 properties were hit by wind-driven high tides in Looe, Fowey, Mevagissey and Flushing.

Nick Starling, of the Association of British Insurers, said: "While it is too early to say what the final bill will be, events like this can cost hundreds of millions of pounds. Damage caused by Hurricane Kyrill, which hit the UK in January 2007, cost £350m."

A Met Office spokesman said the next big event would occur tonight and early tomorrow, when gusts of more than 70mph are expected to hit Scotland as well as Northern Ireland, Northern England and North Wales.

Dave Britton, a forecaster with the UK's national weather service, said there was a 60% risk of disruption and damage to transport, power supplies, buildings and trees in south-west Scotland and some parts of the Borders, and a 40% risk elsewhere in Scotland, south of the Grampian Mountains.

Cheltenham Racecourse will open its gates to tens of thousands of racing fans today after the winds almost saw this year's Gold Cup festival fall at the first hurdle.

Race fever was temporarily put on hold after a hospitality tent was flattened and the starter's rostrum blown over, damaging fencing.

Groundsmen worked against the clock yesterday to get the course back on track for the festival's opening day today, when some 55,000 punters are expected to descend on Prestbury Park.

Commuters on the Forth Road Bridge suffered severe disruption yesterday after a cement mixer shed its load on to the carriageway. Traffic was affected throughout the evening rush-hour.