Extreme flooding in Queensland, Australia, may have left the state in need of up to one billion dollars (US$730 million) to repair the damage wrought by the natural disaster. Queensland Deputy Premier, Steven Miles, told AAP on March 3 that early estimates for the disaster have placed the figure around the billion dollar mark. “It’s clear that the flooding disaster emergency here in the southeast is not over yet, but the recovery process has begun,” Miles said. “Early estimates suggest that the damage bill for this disaster could be up to a billion dollars.” The flooding, which started after a  weather system described as a ‘rain bomb’ brought days of torrential rain to Queensland, has forced thousands from their homes and wrought widespread destruction around the southeastern regions of the state. The Insurance Council of Australia said that although they believe it is too early to determine the total overall cost of the …