Body corporate committees are discussing special levies, in the thousands, for each unit owner.
From what I have heard, some unit owners are obtaining legal advice. Often, the body corporate manager recommends the insurance policy (and takes a large commission). So there is talk of suing the body corporate manager for the loss. In many cases, the developers appear to have been negligent as to where they placed critical equipment. So there may be lawsuits against developers and body corporate managers.
See this article about the Tennyson Reach flood cleanup costs.