This is what's forecast to happen. The typhoon latches onto the front and follows it up as it recedes to the north east - staying off the east coast. In that case, it will probably be ok - though i daresay it will drag a lot of moisture across Taiwan from that low to the south west of us.

The doom and destruction scenario would be if the front stayed over taiwan, with the typhoon staying on a more westerly course and then recurving up through the front and into taiwan. If that happened then we might have the makings of a modern flood myth right here.