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Massive Flooding in Australia Displaces Thousands, 90 People Missing

Massive flooding throughout Australia caused more evacuations which displaced thousands and a search for over 90 missing people on Wednesday. Officials' in
Brisbane have evacuated many residents while search teams searched for victims following tsunami like flash floods in the financial district. The floods have already killed 14 people with the death toll expected to rise as the flood waters peak in Australia's third largest city. Brisbane Mayor Campbell Newman predicted nearly 20,000 homes have been damaged by the flood, leaving 45,000 people displaced.

The flooding has caused massive devastation to the coking coal industry, infrastructure, and economy with the local currency bottoming out a four week low. Experts predict the flood will cost the country 1 percent of its economic growth or over $13 billion dollars and adversely affect employment. Electricity has been shut down in low lying areas of Brisbane in an attempt to protect businesses and individuals.

The flood is expected to peak at high tide on Thursday.

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