“The park went under, as did all of our reservation books and computers and the like. So it was a challenge,” Curry told Reuters. “We actually had guests who showed up to check in last night, so unfortunately they had to go elsewhere.”

Anissa Manton, the co-owner of Stoney Aqua Park, shared how she faced significant financial losses after her insurer stated that her park’s insurance policy would not cover flood damage. The park will now be cleaned up for six months.

Tourism Australia emphasized that tourism is an important contributor to the Australian economy. It generated around AU $ 61 billion in 2018/2019 and employed around 5% of the country’s workforce.

The sector was hit hard by the COVID-19 pandemic when Australia closed its international borders to protect itself from the pandemic. A number of inland closings to contain outbreaks have devastated the sector. After the government eased internal restrictions earlier this year, operators prepared for a peak holiday season – only to be shut off from the flooding on the east coast.

The recent floods have highlighted Australia’s underinsurance problem alliance 95% of customers in NSW have decided to abolish flood insurance. The Australian Competition and Consumers Commission (ACCC) has also found that premiums in cyclone and flood prone areas in Northern Australia have increased 178% over the past 10 years.

Emergency Management Minister David Littleproud said the government was determined to increase damage mitigation funds in the hopes that insurers would keep their promises to cut premiums.

“We are currently working with the states to implement mitigation measures worth $ 260 million,” said Littleproud, as reported by ABC.