More than 90 people are still declared missing as residents were evacuated to higher ground in anticipation of floodwaters reaching its peak on Thursday in Brisbane.

The death toll from the devastating floods has reached 14 people and shutdown the coking coal industry as well as affected infrastructure and other businesses in the state. Brisbane residents rushed to the supermarkets today to stock up on basic necessities.

Queensland state Premier Anna Bligh said in statement that almost 20,000 homes could be flooded at the river's peak in what she called Queensland's worst natural disaster. She said: "The water and the rain have already done their damage. This is a deeply serious natural disaster."

Bligh estimates that around 19,700 homes will be flooded at the river's peak and displace up to 45,000 people. Authorities are ready to augment relief efforts with helicopters and C-130 transports.

The Australian floodings have led analysts to predict the economic impact of the disaster with some saying that it could reach as much as 1 percent of economic growth. The dams protecting communities are close to its bursting point. Moreover, the Port of Brisbane, the third busiest container port in the country, has been closed because of the floods.