Nearly eight years on from the Black Saturday bushfire disaster, the distribution of $700 million to thousands of victims has been approved by the Supreme Court of Victoria, bringing an end to Australia's largest class action.

People who were injured or left dependent as a result of the 2009 bushfires that devastated the Kilmore East, Kinglake, Murrundindi and Marysville areas are expected to received their share before Christmas.

Next year, thousands of business and individuals who lost money or suffered property damage will receive their settlements.

Kinglake resident Matthew Falla signed up to the class action for his then nine-year-old daughter, who lost four school friends in the fire.

He has seen his town struggle with fewer people and less local business, and the emotional effect on the community.

Still traumatised by the catastrophic fires that claimed 173 lives, he has since battled cancer and been unable to work.

"I haven't worked effectively for three years now, so financially it's very important for our future security" he said.

"It will relieve the financial stress we are under, but it won't put us on Easy Street.

"Eight years on is really when the fire story finishes."

'It was never about the money'

Much of the forest around Kinglake was destroyed in the blaze. ( Bushfire CRC: Bush Telegraph )

For many others, the class action has not brought closure.

Lyn Gunter was the Murrindindi Mayor when the fires swept through.

"It's been very traumatic for a whole lot of people who are involved as its gone back into the past and regurgitated it all again," Ms Gunter said.

"None of us knew it would take so long and be so drawn out. I want it over and done with I want it finished so we can put it behind us."

She said it was never about the money but about accountability they never got.

Both settlements were agreed to without parties admitting liability.

"So getting money and saying 'this is it, go on and live your lives now', has been a real disappointment," she said.

Reliving trauma 'took us three steps back'

Ms Gunter said the last 12 months had been the most difficult, as people worked with the law firm on their individual claims.

"We went two to three step backwards in the last few months having to relive the traumas," she said.

"For me it's going to be about packing the boxes up and putting them out in the shed.

"For those who lost love ones this will never do anything for them. We can't bring back those lives."

More than 10,000 individual claims were registered as part of the class action against power distributor SP AusNet, asset manager Utility Services Group and the State of Victoria, which was first launched in 2012.

Last week, the Supreme Court approved legal costs of $96.15 million for the law firm running the class action, Maurice Blackburn.