FLOOD waters cut the town of Skipton in half and wrought havoc on some of the town's businesses yesterday.Almost the entire town centre was inundated by flood waters overnight Thursday which came from a nearby reservoir and later from the Mount Emu Creek.The small township of approximately 500 residents, sustained significant damage in its second flood within four months.Along with numerous private residences, many businesses bore the brunt of the metre-high water.In the main thoroughfare, Montgomery Street, the local Foodworks supermarket, UFS Dispensary, the Skipton Hotel, a takeaway business, the local garage and a pottery place were all inundated with a metre of water.Close-by the Skipton Art Gallery, which had recently opened after September's floods, was again hit with a deluge.UFS Dispensary's Leanne Peeters watched as emergency crews started the clean-up process."I came into work at 5.45am and that was the first I knew of it," Ms Peeters said.She said while she wasn't looking forward to the clean-up she still felt fortunate."Our flooding is minor compared to what people in Queensland and Toowoomba have gone through," she said.She said the community was really coming together and lifting stock in the stores so it wouldn't be water damaged."But when you're up against mother nature there's not a lot you can do. We have to just let it recede and then there's the big clean-up."The fear of many in town is given the severity of the flooding and how soon after the last flood it is, many of the affected businesses may go under financially. The Skipton Hotel publican Josh Nixon said he and his family, who live on the ground floor of the hotel, were woken at 5.30am."We've lost everything except the photo albums," Mr Nixon said."It seems funny now we were ringing up donating money to the Queensland appeal just three days ago."With water a metre deep in the hotel Mr Nixon said the damage this time around was extreme."Last time it didn't get our residence and didn't get the freezers or stock, but it has this time," he said. "This time the power is off and all."With the flood level in Skipton still to peak, there are concerns of worse to come."If it gets a foot higher it can get much more expensive," Mr Nixon said.With water levels expected to peak yesterday afternoon, the townspeople pulled together to sandbag around the new Foodworks Supermarket.CFA volunteer and local resident Chris Heywood said the volunteers were waiting on sandbags from Geelong."They can't tell us how high the water will be or when it's coming," Mr Heywood said.