South-east Queensland's flood crisis is expected to cost the state's economy up to $2.5 billion, Treasurer Cameron Dick says.
Premier Annastacia Palaszczuk had previously estimated the flood damage bill could total up to $1 billion, but Mr Dick said $1 billion alone will be allocated to repairing public infrastructure.
Speaking in front of a collapsed ferry terminal on the Brisbane River that had sustained extensive damage, Mr Dick said much of the costs would be spent rebuilding flood-ravaged roads and major infrastructure.
"That includes things like roads, rail systems, bridges and other infrastructure," he said.
Mr Dick said the cost of insurance claims on private infrastructure like housing and businesses is expected to reach $936 million.
"This weather event will impact our economic growth in Queensland by one quarter of one per cent," he said.
While the economic impact is substantial, Mr Dick said it was still less than the financial fallout from tropical cyclones Yasi, Debbie and Oswald, because the resources industry had not been affected.
But that does little to ease the pain of families who have lost everything.
"For people who are throwing out treasured possessions or hosing out mud from their homes in stinking heat, it doesn't really matter which flood costs more," Mr Dick said.
Economic impact of floods to be felt for years to come
Mr Dick said while these were preliminary estimations the economic impacts of the flood crisis will be felt for the next couple of years.
"We anticipate the impact on our budget will be in this financial year and perhaps next financial year," he said.
Mr Dick said there was still a long road ahead in terms of the major clean-up effort across the south east.
Earlier, authorities said the flood event had created a year's worth of waste destined for landfill, much of it lying on the side of residential streets, waiting to be collected.
"Clearly there is a very large mountain, a mountain of waste and damaged property that needs to be removed," he said.
"This is a big clean-up, don't get me wrong, this is going to test the resources we've got available.
"But our priority as a government is to deal with that sort of thing first and we'll worry about the cost later."
No increase in taxes
The Treasurer said at this stage, there will be no increase in taxes to remedy the economic cost.
"No, we don't anticipate any increase, that was a promise we made at the election and we're holding tight to that promise notwithstanding the natural disasters," he said.
"We never know what's around the corner, when it comes to natural disasters but there's no change to our tax at the moment."
When the rebuild commences, Mr Dick said resilience and betterment will need to be worked into planning.
"Considering those communities that have been sequentially hit time and time again by flooding, I think all levels of government need to look at that."
"We've supported councils and their buy backs, so I think that's something we need to consider going forward."
