The Grantham Floods Commission of Inquiry has ruled the Grantham quarry played little role in the deadly 2011 flood and its owners were unjustly blamed.

Commissioner Walter Sofronoff QC has handed his inquiry's report of more than 200 pages to Queensland Premier Annastacia Palaszczuk.

The inquiry, which the Premier revealed had cost $2.5 million, considered whether any natural or man-made features of the landscape caused or contributed to flood, which killed 12 people and destroyed more than 50 homes.

Mr Sofronoff told the media he had dismissed the quarry's role in the event.

"There were only two relevant man-made structures. One was the quarry pit and the associated embankment and the second [was] the railway embankment that has been there for about 100 years," he said.

"Both had insignificant evident effect, measurable effects but insignificant, that is to say if they weren't there nothing would have been different.

"I found that the quarry did not play any role in the flood."

Mr Sofronoff said quarry owner Denis Wagner and his family had been unfairly targeted as the culprit for the flood.

"I think they were unjustly blamed by some people and I think they were viciously blamed by some elements of the media and they shouldn't have been," he said.

Second inquiry 'a waste of money'

State Member for Lockyer Ian Rickuss said Mr Sofronoff's findings were virtually the same as those handed down by Justice Catherine Holmes' flood inquiry in 2012.

He labelled the second inquiry a waste of taxpayers' money.

"It is a shame that Annastacia Palaszczuk and the Member for Nicklin Peter Wellington didn't read that inquiry," Mr Rickuss said.

"I wrote to them prior to them calling for this second inquiry, saying I didn't think it was needed, that it was all in the first inquiry.

"The millions of dollars spent on this could have been better spent putting more resilience into the community - more resilience into flood levies, more resilience into houses that flood and lifting them up."

Mr Rickuss said the second inquiry had been a cynical move by the Premier to appease prominent media critics such as Sydney radio commentator Alan Jones.

'An unpreventable natural disaster'

Mr Sofronoff said people who read his report must conclude the Grantham flood was a natural disaster that no human agency could prevent.

Asked what governments could learn from his investigation, Mr Sofronoff said it was about looking for the signs of an impending disaster.

"The evidence was that there's a 1 per cent chance every year that it will happen, which is pretty low," he said.

The 2011 Grantham floods killed 12 people and destroyed more than 50 homes. ( Dean Lewins: AAP )

"But it means it can happen, and so they must now in the light of that keep their eyes out for the signs that we now know were there but which at the time nobody could have read correctly but now can be read correctly.

"How they do it is a matter for them as experts in their field, not for me."

The inquiry heard evidence from 41 witnesses over four weeks of public hearings.

"I discovered at the beginning of my job, people there were extremely upset, some of them were extremely angry about what had happened, they had deep suspicions about what had caused it and, they were rightly very angry that no investigation had been undertaken into some aspects of the matter," Mr Sofronoff said.

"I really hate it when people say it's time to move on. A thing like this will affect you for your whole life - there are people there who will never recover."

But he rejected allegations of a failure to evacuate people.

"The reason for that is last time this happened was over 120 years before," he said.

"Nobody had that at the forefront of their minds. Nobody could predict it. By the time the phone calls came it was too late."

Ms Palaszczuk said she hoped the inquiry's findings would give people closure.

"My government will now consider the report extensively," she said.

Local residents meet Commissioner to hear his findings

Mr Sofronoff met with locals this afternoon to explain his findings.

For years, many people in the small community believed a levee to the west of the Grantham quarry played a significant role in the disaster.

Despite the report findings, not everyone accepted that the quarry was not to blame.

Resident Marty Warburton, however, said he accepted the Commission's findings.

"I'm not upset. It's not what many believe - but at the end of the day the umpire has made a decision," he said.

"And I'm the type of person that goes with the umpire's call.

Ken Arndt said the inquiry had taken a personal toll.

"I'm through a lot of stress from it, cost me a lot of money, and stress through it too. I lost too much, through the flood, and I'll never recover it," he said.

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