Several townships in Gippsland in eastern Victoria are on high alert, as eight river systems across the region move closer to their peak.

Up to 200 millimetres of rain has fallen in eastern Victoria over the past 24 hours as the region braces for what could be the most widespread flooding in decades.

The SES has begun doorknocking at high-risk towns on the Gippsland Lakes, including Hollands Landing, Paynesville, Loch Sport and Metung.

Emergency services are also keeping an anxious watch over the Glenmaggie Weir, as controlled water releases near their threshold.

If releases reach 60,000 megalitres, an emergency alert telephone warning will be sent to downstream residents in Newry and Tenambra, where homes face inundation.

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Across the state, thousands of homes are without power and the Princes Highway remains closed east of Nowa Nowa.

The SES's Tim Wiebusch says it is now a waiting game.

"We're talking in the vicinity of potentially one to 200 properties that could be affected in the short term, but that's still being assessed as these rivers are starting to, or still continuing to rise," he said.

While the rain has eased, Lachlan Quick from the SES says rivers are yet to peak.

"We're keeping a close eye on Newry, Tinamba, Stratford, Dargo, Traralgon obviously, although hopefully that will ease," he said.

"And [on Wednesday], moving through the rest of the week, Rosedale, Sale, Gippsland Lakes."

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Stan Hendy of the SES says high outflows from Lake Glenmaggie are causing flooding around Tinamba and Newry.

"The outflows out of Glenmaggie reservoir are currently at 58,000 megalitres," he said.

"People in the Tinamba area would know that that is enough to give them some problems. Newry is nearing that situation.

"We are monitoring that very closely. Both local CFA, SES and community members are doing some sandbagging of some properties in that area."

Sorry, this video has expired SES responds to floods in eastern Victoria (Photo - User submitted: Doug Steley)

Residents in low-lying parts of Traralgon had to leave their homes when the Traralgon Creek flooded.

About 100 properties were evacuated and 45 homes were flooded.

Traralgon resident John Papenburg says they did not get enough notice to leave.

"I had no time at all. The water was already up the driveway. I had no hope to get my vehicle out," he told ABC local radio.

"There was little or no warning at all compared to previous years."

Deputy Premier Peter Ryan says emergency flood assistance grants are now available to people affected by the flooding.

Adults are entitled to $480 and children $240, up to a total of $1,200.

"If people need that emergency help, if they simply go to the incident control centre they will be able to be assisted there to enable them in turn to be able to access that money straight away," he said.

