Up to 400 millimeters of rain has fallen in some areas of New South Wales in the past week, according to the Australian Meteorological Agency Bureau of Meteorology, which also says that the levels in recent weeks correspond to how much it usually rains for several months, reports Reuters.

"It's far from over," Dominic Perrotett, the state's prime minister, told Reuters, urging people to be careful and prepared for further floods. 

Can have major financial consequences 

The Australian government has declared the floods a natural disaster, something that will make it easier for victims to seek emergency financial support when more and more people are forced to leave their homes. 

The storm is expected to subside somewhat soon, but the risk of further flooding remains.

Australia's finance minister and central bank have also flagged that food prices could rise further when industrial areas, nature and agriculture are flooded.