Floodwaters in north-eastern Australia hold steady

More than a week of pounding rains that started just before Christmas have left much of north-eastern Australia under a sea of water that is now slowly making its way through river systems toward the ocean.

Around 1,200 homes in Queensland have so far been been inundated, with another 10,700 suffering some damage, Queensland Premier Anna Bligh has confirmed. Four thousand residents evacuated from their homes in the flood zone, which spans an area greater than France and Germany combined.

The deluge has ruined crops, closed most of the state's lucrative coal mines and caused "catastrophic" damage to Queensland's transport systems, Bligh told Australian Broadcasting Corp. radio.

"This is a disaster of an unprecedented scale and it will require an unparalleled rebuilding effort," Bligh told reporters in Brisbane, where officials held an emergency meeting on Wednesday to determine recovery plans for the 200,000 people affected by the deluge.

Until the waters dry up, it won't be clear what the cost of the flooding will be, Bligh said. But the price tag is expected to reach into the billions, she confirmed.  "If you count everything from the cost to homes, the home rebuilding effort, public infrastructure rebuilding effort and economic loss, I think we're well above $5 billion territory," she said.

Additionally, floodwaters have made it impossible for 40 of the state's coal mines to operate, ministers said at the emergency Cabinet meeting.

"It's going to take some months for some mines to be back to full operation," Resources Minister Stephen Robertson said. "We earn 'round about AU$100 million ($100 million) a day exporting coal to the rest of the world and exports have been significantly restricted by the impact on infrastructure."

In Rockhampton, a city of 75,000, about 500 residents were evacuated as the Fitzroy River rose and overflowed this week. There were fears it would climb higher Wednesday, but even if the waters levels hold, residents face a long wait before things return to normal, officials warned.

Residents were hopeful the river had swelled to its highest level, as the mayor said the community appeared to have been spared any further damage. "It looks like it may have stabilized," Mayor Brad Carter said.

Water from the overflowing Fitzroy River has already swamped 200 homes and 100 businesses, while flooding elsewhere in north-eastern Australia has forced thousands to evacuate.