Wreaking havoc across central Queensland, Cyclone Debbie has done extensive damage to property, farming and the tourism industry.
The Insurance Council of Australia says the damage caused by the cyclone is a "catastrophe".
The council's Campbell Fuller says he expects the number of claims to skyrocket as people return home in the coming days.
"Well, it's very early days. Most householders are yet to assess the damage. Some haven't even returned to their properties. So the insurers have received fewer than a thousand claims so far. But we expect that number to increase quite rapidly as more people inspect damage and contact their insurer company."
In 2011, Cyclone Yasi - rated a Category 5 cyclone, the highest category - caused billions of dollars' worth of damage in Queensland.
Mr Fuller says, while Cyclone Debbie was only a Category 4, the system hit an area with a higher population density.
"It's difficult to compare cyclones. Cyclone Yasi caused$1.4 billion in insurance losses and many billions more in other losses, including economic damage. Cyclone Debbie is in a different area of Queensland. It has a different level of housing stock. It's a little bit more densely populated. But, again, we haven't yet seen the full extent of the damage."
The Queensland economy relies heavily on its reputation as a sunny tourism hub, but extreme weather events are likely to affect the industry.
Queensland Tourism Industry Council chief executive Daniel Gschwind says some tourist areas have been brought to a standstill.
"There is obviously a lot of trees and vegetation that need to be cleaned up. The pools have to be cleaned out, and the awnings have to be put back. So there is a lot of work in the region itself, and that may take some time. Today and tomorrow, it will become clearer how much work there is. But, unfortunately, this impact, in the perception, in the minds, of people, does linger on for a while. We saw it six years ago with Cyclone Yasi. It took us a while to convince the public that it is, indeed, good to travel."
But Mr Geschwind says tourism operators in the state are accustomed to extreme weather events and their recovery will be swift.
There were concerns about the cyclone's impact on the Great Barrier Reef, but Mr Gschwind says it may have actually helped the reef.
"From the above average temperatures that we've had for most of the year and most of the summer ... So there was some hope that, with some extra cloud cover and some wind activity, the reef would cool down. And, undoubtedly, that has happened now. We got maybe a bit too much of a good thing. So, it remains to be seen what impact there has been on the reef."
The agricultural industry is also affected, with heavy winds and flooding wiping out crops such as sugar cane.
The Queensland Farmers' Federation's Ross Henry says the effect on farmers and food prices will be significant.
"There's over a billion dollars' worth of agriculture in that region, and it got hit by a pretty severe tropical cyclone, so there is going to be significant damage ... The Bowen region has probably around 90 to 95 per cent of Australia's winter tomatoes and capsicums, and so they're going to be pretty well devastated. The farmers will definitely take a financial hit. There's no type of insurance for these events. So any crop losses, unfortunately, just have to get taken on the chin, and they'll have to move on. So it's going to be a pretty tough time for them over the next little bit. But they are resilient farmers. They've been through this before, and I am pretty sure that they will bounce back again."
