While the storm will pass well west of Tampa Bay, the area will see gusty south and southeast winds with showers Monday through Wednesday.
The storm was about 140 miles (220 km) east-northwest of Cozumel, Mexico with the maximum sustained winds of winds of 75 mph (120 kph), forecasters said.
On its current path, Tropical Storm Michael is projected to move northward past the Yucatan Peninsula and into the Gulf of Mexico by late Sunday afternoon or Sunday evening. Hurricane watches have been issued for the Florida Panhandle and Big Bend area.
"This storm will be life-threatening and extremely unsafe", Scott said after receiving a briefing at the State Emergency Operations Center.
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An Air Force hurricane hunter airplane was sent into the storm to investigate, the hurricane centre said.
Michael is now centered about 120 miles east northeast of Cozumel and 70 miles south of the western tip of Cuba, and it is expected to work its way into the Gulf of Mexico, where warm waters will make the storm much stronger. Scott also activated 500 members of the Florida National Guard ahead of the storm. "We're going to get storm surge, we have wind, we have a chance of flooding, we have a significant chance of tornadoes".
Michael's maximum sustained winds had reached 70 miles per hour, it said.
Spaghetti model for Hurricane Michael as of 11 a.m. Monday, Oct. 8, 2018. A Category 1 hurricane has sustained winds of 74 to 95 miles per hour.
In light of the storm, Florida Democratic gubernatorial nominee Andrew Gillum suspended his campaign activity to address preparations for the storm, according to CNN.
In addition, "heavy rainfall from Michael could produce life-threatening flash flooding from the Florida Panhandle and Big Bend region into portions of the Carolinas through Thursday", the Hurricane Center warned.
The Gulf of Mexico is home to 17 percent of daily U.S. crude oil output and 5 percent of daily natural gas output, according to the U.S. Energy Information Administration.