Farmers along the upper Goulburn River, around Molesworth and Alexandra, have expressed grave concerns about the level of Lake Eildon, which is now nearly full.
They say another wet winter and spring could see a flood similar to that in October last year, from which many primary producers are still recovering.
"I am terribly concerned about the level of Lake Eildon (98.8 per cent full on January 27) is unprecedented for this time of year," Goulburn River Trout owner Ed Meggitt, Alexandra, said.
"I fear that unless some serious efforts are taken to let some water go, we are facing another flood crisis in late winter and spring.
"The Goulburn Murray Water executives are constrained by the operating parameters placed upon them and will not deviate from those rules," Mr Meggitt said.
"I understand that, but I think these rules are made in a dry office and there is not a lot of intuition involved."
Earlier this week, GMW confirmed Eildon was Lake Eildon at 98.64pc, about 50,000 megalitres below full capacity.
Mr Meggitt said it appeared GMW was anticipating some increase in irrigation demand in late summer and early autumn, as well as environmental releases.
"The total anticipated volume of 200 gigalitres equates to about 6pc of Eildon's capacity - this means that at the close of the irrigation season, in May, the lake will still be about 90-92pc full.
"In a normal year, inflows to the Lake approximate to 30pc of volume - 90pc plus 30pc does not work."
Last year, flood pre-releases of 12,000 megalitres a day through September and October "never quite cut it"
GMW was then "overwhelmed" by inflows on October 13, resulting in huge releases from Eildon and major flooding down the Goulburn Valley.
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John Scott, Binbilla, Molesworth, said there was no charter for the dam to be used for flood mitigation.
"There are three purposes for water in the dams; one is irrigation, the second, more recently, is environmental flows and the other is electricity generation," Mr Scott said.
'We were told, at a high level from someone in the Murray Darling Basin Authority, there wasn't any charter for them to use dams to manage floods."
He said in October about a metre of water went through the property's sheds and cattle yards.
"We had a solar power system on the cattle yards, and it damaged that, and of course there are the fences," he said.
"There is a lot of debris in a lot of the fences and some were laid flat on the ground."
The only animals running on the river flats at the moment were several bulls, as there was no pasture on which to graze cattle.
"We weren't able to make any hay and I have 140 steers, away on agistment," he said.
Given warnings from the Bureau of Meteorology that above average rainfall was predicted for the spring, authorities should have been better prepared, he said.
The federal government had promised funding, in this year's budget, for flood mitigation, but there had only been scant details.
He said he, and other farmers, were very grateful for the help offered by Rural Aid's Rapid Relief Team.
Property manager Catherine Jessop said, at one stage, large sections of the property were underwater for 35 days.
There was still water standing in a lot of lagoons and depressions on the property, delaying resowing of phalaris, clovers and ryegrass.
She said friends had rung to warn her the flood was coming and it eventually reached to within a metre below the house where she lives with son Nick Jessop-Medcraft.
"It wasn't fun," she said.
Yea beef producer Jan Beer said farmers were fearful of upcoming weather patterns.
"One large storm cell is all it will take for us to be flooded all over again," she said.
She said about 12 kilometres of conventional and 2-3 strand hot wire fencing were "laid flat", covered in debris and logs or washed downstream during the floods.
"We have now, three months after the October floods, got most fences reinstalled," Ms Beer said.
"Due to inundation of about 300 acres of river flat, for a considerable period, we lost he ability to finish 200 head of prime cattle that would normally be sent to the processor, prior to Christmas.
"Consequently we still have half of these cattle on hand and have seen the price per kilogram drop by 100 cents, in that time."
She said it would take at least four to five years to renovate pastures.
"Where once we had prime pasture of clovers, rye, fescue, we now have couch grass, dock, water rushes and bare dirt," she said.
Murray Darling Basin Plan policies had completely changed as to when water stored in Eildon was used, and who it is used by.
"Unfortunately the operating rules used by the river operators have not been reviewed or changed, mainly I believe, because those people who have created these policies have not had the knowledge, experience or wisdom to understand the implications and impacts," she said.
"Plus we now have the Commonwealth Environmental Water Holder and Victorian Environmental Water Holder owning one-third of all the water in Eildon, but unable to use or deliver all that water in any one year.
"Irrigators have completely changed their water usage, using far less water than previously and now waiting till closer to the autumn break to begin watering."
The Victorian government and its agencies had failed to change, or review accordingly, storage operating rules, Ms Beer said.
GMW Water Storage Services general manager Martina Cusack said historical data showed water levels in Lake Eildon tended to steadily decline, from January to May.
"This is due to hotter, drier weather, and frequent releases made to customers ordering water," Ms Cusack said.
"We are expecting to see irrigation demand rise heading into autumn, and there are plans for environmental water delivery in autumn and winter.
This would require water to be released from Lake Eildon.
"In addition to reviewing irrigation demands, we closely monitor catchment conditions and rainfall forecasts to update storage level projections.
She said GMW would use that information make decisions about potentially releasing additional water, to manage levels at Lake Eildon, as winter approached.
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