The combined floods are now considered the 'fourth most expensive disaster' in Australia's history, with the cost expected to rise.
The catastrophic flooding that devastated south-east Queensland and northern NSW is now the fourth most expensive disaster in the nation's history, according to the Insurance Council of Australia .Now 4th most expensive disaster in Australian historyFigures released today show the estimated insurance cost of the natural disaster has climbed by almost $1 billion in the last month.
"They all have to be rebuilt, so in reality the overall cost of the flood event is many more times that." Next was Cyclone Tracy in 1974, with losses estimated at more than $5 billion, and Cyclone Dinah in 1967 at $4.69 billion.Lismore's billion-dollar rebuild "The report provides an historical record of what happened during and after the floods," Mr Walker said.
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