The Australian Treasurer Josh Frydenberg has said while it was too early to figure out the price tag for cleaning up the current series of devastating floods judging from the 2011 Queensland flood disaster, the latest flood crisis could cost the Australian economy billions of dollars.
According to the federal treasurer, insurance claims from the affected areas reached $2 billion (US$1.4 billion), and industry sectors such as agriculture, mining, and tourism suffered more than $4 billion in economic damage.
