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Goulburn-Murray Water is monitoring the water levels at Lake Eppalock.
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Water resources manager Mark Bailey said on Monday the lake was full and water was spilling from the storage.
“If rainfall continues, this could continue for some time,” he said.
“GMW is not conducting releases from Lake Eppalock.
“We will continue to monitor the situation and when inflows recede we may conduct releases to return the storage to full supply level.”
Lake Eppalock was last full in October 2012.
“The inflows so far this season are the strongest GMW has recorded in more than five years,” Mr Bailey said.
Inflows into Lake Eppalock come from the Campaspe and Coliban rivers.
“Levels below Lake Eppalock are currently significantly lower than were recorded in 2011,” Mr Bailey said.
Rochester residents were been told at a public meeting on Monday afternoon they had little reason to be concerned about the prospect of flooding.
An estimated 350 people packed into the shire hall in Mackay Street, while another 100 were waiting outside, to hear the latest situation update from the SES.
The crowd was told that although Lake Eppalock started spilling at 7am, the flow was unlikely to exceed 1600 megalitres a day.
By way of comparison, during the 2011 floods when 80 per cent of the town was inundated, the flow was 80,000 megalitres day.