Queensland’s floodwaters struck a blow to local tourism in addition to losses incurred from production losses in the mining and agriculture industry.

Local authorities already predict that economic losses from the disaster may amount to $5 billion. On the other hand, the Queensland Tourism Industry Council placed losses for the local tourism industry at $100 million.

Daniel Gschwind, chief executive of Tourism Industry Council said: “These floods are severely affecting tourism in some regions of Queensland.”

The floods have discouraged travelers from going during the holidays with hotel managers in the state reporting rescheduling and cancellations of bookings. Hotel guests already in the state last week were also asked to leave.

"We shut down for a few days, then the water started to recede and we reopened because so many people couldn't get back out of town," Brian Zemek, acting manager of the Burnett Riverside Quality Hotel told WSJ. "Everyone is just trying to get the town up and running."

The state’s major tourism attractions like the Gold Coast and Cairns are still open but are struggling with guests canceling reservations. Declining tourism figures are one of the few problem areas in Australia’s burgeoning economy which is forecast to grow by more than 3.5 percent due to strong overseas demand for its resources. Tourism profits contribute an estimated 2.6 percent to the Australian economy or roughly $26 billion. Foreign tourist arrivals slowed down in recent months as the rising Australian dollar discouraged visitors from traveling to Australia.