The extreme weather crisis impacting Australia’s east coast has left thousands of Sydney residents displaced, with rivers rising to dangerous levels.

Disaster recovery payments of $1,000 have been made available by the federal government for every impacted adult resident.

Warnings have been issued for the Hunter Valley and mid-north coast as the rain moves slowly north.

Major flooding is still occurring in greater Sydney, with further downpour expected over the day.

50,000 people have been told to leave their homes so far as state premier Dominic Perrottet warns the treacherous conditions are far from over.

The premier is pleading with all residents to remain vigilant, particularly while driving.

Even as the stormy weather subdues, the risk of flash flooding remains, with most river catchments near capacity even before this latest downpour.

Some regions have been hammered by 800mm of rain since Saturday, far surpassing the nation’s annual average rainfall of around 500mil.

But it’s not just rain, wind gusts of up to 90 km per hour are also forecast in several flood-hit regions, authorities concerned by the risk of falling trees and power lines.

State Emergency Management Minister Steph Cooke is urging people across Sydney today to stay at home unless they really need to leave.

Just off the shore, emergency crews are continuing their operation to rescue a cargo ship after a tug boat sent to retrieve the vessel had its tow lines brake in the severe weather.

The MV Portland Bay lost power on Monday, drifting further and further towards dangerous rocks off the Royal National Park.  

While the ship has now moved further north, she is anchored once again in a relatively safe position.

This latest storm is Sydney’s third and most severe flood this year, with distressing footage posted online showing submerged roads and bridges, as rescue crews work around the clock to respond to calls for help.

Australia’s Federal Treasurer Jim Chalmers warns the economic impact from the floods “will be substantial”.