QUEENSLAND Premier Campbell Newman says the damage bill from ex-tropical cyclone Oswald across the state could exceed the insurance claims of the 2011 floods.
Flooding in Brisbane, Ipswich and the Lockyer Valley in 2010/11 cost $2.388 billion to repair, Insurance Council of Australia data shows.
But Mr Newman, who is touring the flood-hit city of Rockhampton on Thursday, says the latest damage may cost more than that to repair.
"I can tell you today that early estimates put the damage across Queensland at at least $2.4 billion," Mr Newman told a media conference in front of the swollen, crocodile-infested Fitzroy River.
"Sadly, I think that figure will rise."
The premier stressed again it was a "very early estimate" and the figures could change.
"It has been an extremely damaging event.
"When you see the photographs of north Bundaberg, the damage for example to the main road bridge heading north, you will be blown away."
The Fitzroy River is already above eight metres and is expected to peak at 8.5 metres on Friday night.
Rockhampton Regional Council Mayor Margaret Strelow told the media conference the flash flooding that had already occurred was likely to be "far more dramatic" than the "flood that's coming".
"But 8.5 (metres), there are still some people who are impacted and we're working to lift their things up," she said.
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