Dramatic time-lapse vision of floods

As devastating floods sweep through northern Queensland, new time-lapse footage has emerged of train tracks being swallowed by rising floodwaters at Corella Creek.

Corella railway before the storms rolled in. Picture: Reddit

It wasn't long before the tracks became submerged amid monsoonal conditions. Picture: Reddit

Condensing a week's worth of rainfall into 58 seconds, the clip showcases the devastation in far north Queensland after the area was hit with a "one-in-500-year" flood event.

Almost 1000 Townsville homes have suffered severe water damage, and as of yesterday, the number of lodged insurance claims was sitting at 10,064.

"In relation to damage assessments in the Townsville area, 1480 have been done to date. Of these, 738 are quite severely damaged and 252 are completely uninhabitable," Premier Annastacia Palaszczuk told AAP reporters yesterday.

Queensland Premier Annastacia Palaszczuk looks on during a press conference following a Queensland Disaster Management Committee meeting in Brisbane. Picture: AAP Image/Dave Hunt

With the recovery bill now standing at $124 million, residents are bracing for a massive clean-up and the prospect of spending weeks out of their homes.

And the Insurance Council of Australia says the bill will continue to rise as people return to sodden homes and businesses.

The Premier said authorities were scrambling to find emergency accommodation for those who had been displaced.

About 200 people remain in evacuation centres, and 7800 properties are still without power in the city.