Areas devastated by flood waters can look forward to years of rebuilding with homes, infrastructure and businesses damaged.

On Thursday, although anticipated flood waters were lower than expected, many factories and homes are still submerged or without electricity. The lower water levels will undoubtedly save more properties from being affected by the disaster.

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"This morning as I look across not only the capital city, but three-quarters of my state, we are facing a reconstruction effort of post-war proportions," Queensland Premier Anna Bligh said."This is going to be a long recovery."

Insurers will also have their hands full as residents and companies file for millions worth of natural peril damages incurred during the disaster. Economists are predicting that damages to the state will reach $5.9 billion as rescue efforts stall major businesses like coal industry and tourism.

The death toll from the floods has reached 17 people with another 70 declared missing.

"The complete rebuild is going to take years, there is no doubt about it. But Australia has the ability to rebuild Queensland," said Major-General Mick Slater, head of the flood recovery taskforce for Queensland.

Brisbane Lord Mayor Campbell Newman said that based on the revised flood figures, around 11,900 properties would be fully flooded and another 14,700 partially affected and among these 2,500 businesses that would be submerged.

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