In the past few weeks, billions of dollars of damage has been wreaked upon infrastructure, major industries such as mining, as well as homes and businesses across 75 percent of Queensland.

According to Swan, implications for the state and national economy are far-reaching.

He said the statewide recovery would take "enormous financial reserves", but the government would do whatever was required.

"What we have to do in the days, weeks and years ahead is commit ourselves to doing everything we possibly can to help those people and to help those communities," he said, adding that the massive recovery effort would need to involve all tiers of government, business and the community.

"Because this is going to take a long time for us to work through all of the issues that flow from this experience,” he said.

"This isn't going to stop in a week or a month, or two weeks, or two months or, for that matter, two years."

Swan, who experienced the 1974 floods as a council sewerage maintenance worker, said the damage in Brisbane and Ipswich of Queensland was far worse this time even though the water level was not as high as in 1974.