Flooding in Australia has reached more than 3 million people, making it one of the costliest disasters in the nation, the federal treasurer on Sunday.
The cost of the damage will be higher than last tragedies, such as major fires two years ago, and the floods in 1970, Treasurer Wayne Swan said.
The cost of the recent floods is much higher due to a peak population in the state of Queensland, Swan said.
"While the entire population of the state in 1974 was only 2 million, has more than 3.1 million people were affected by recent floods," said Swan.
In its economic note first half of 2011, Swan said, "It is too early to quantify the impact with certainty at this time." But he said there was "no doubt that the economic impact of these floods is enormous."
Swan said the floods have destroyed crops, tourism, retail and manufacturing, and interrupted the big cities like Brisbane.
"One of the main victims will probably be our coal, with many mines closed in major mining regions such as the Bowen Basin, and supply chains are severely compromised," said Swan.
"While this will be partially offset by higher prices, loss of production will be hit much harder."
Swan said the government has already made approximately $ 227 million in payments for disaster recovery for people who have been affected by flooding.
"In the coming weeks, months and years, the Government of the Commonwealth to invest billions of dollars to get Queensland back on their feet," Swan said.