Estimates suggest that the damage caused by flooding in Crossmolina, Co Mayo, may exceed €1 million.
More than 20 shops, pubs and homes in four streets in the town were flooded to a depth of up to two feet during the morning.
Flood waters receded during the afternoon but there are fears that further overnight rain might cause more problems if the River Deal rises again.
Local politicians say something has to be done to protect several towns in the country which are vulnerable to flooding.
Fine Gael leader Enda Kenny a TD for Mayo says up to 10,000 sandbags should be kept in storage to be used immediately that flooding in towns like Crossmolina and Ballina looks likely.
Local Fianna Fáil councillor Frank Chambers says money has been provided to reduce the risk of flooding in other parts of the country and it is no longer acceptable that similar funding is provided in towns like Crossmolina which has frequent flooding problems.
Man killed in Co Down
A man died when he was swept into the sea by a wave at a pier in Ardglass, Co Down, last night. He was 47.
Storm force winds have disrupted air and ferry sailings north and south of the border.
All Aer Arann flights have been cancelled for the day and further delays are expected to flights in and out of Dublin Airport that are still operating.
Vincent Wall of Aer Lingus says 21 inbound flights have been diverted away from Dublin Airport. A futher 13 inbound flights and 28 outbound are cancelled.
Today's HSS departures from Belfast and Stranraer were also cancelled.
Severe flooding is reported in several parts of the country following torrential rain overnight.
Some roads are blocked by fallen trees and driving conditions are hazardous.
AA Roadwatch has advised road users to exercise caution due to a severe weather warning.
Motorists, especially drivers of heavy goods vehicles, should slow down, use dipped headlights and watch out for pedestrians, cyclists and motorcyclists.
Flooding in many parts of the country
The heavy rain has caused flooding in many parts of the country including the Carrigrohane Rd and Lee Rd in Cork, Claregalway in Co Galway and Circular and Bleach Rds in Kilkenny.
Kerry and Waterford are also badly affected with many roads flooded and impassable.
Tulsk in Co Roscommon, Moycullen and Dunmore in Co Galway and roads around Westport are also flooded. Gardaí in Westport say the road between Louisbergh and Leenane is closed due a landslide near the Delphi Adventure Centre.
There are reports of localised flooding and police have closed the Portaferry Road in Newtownards.
The midlands is the worst affected area with power cuts in counties Longford, Athlone Westmeath, and Roscommon.
Crews are working to restore power however with windy conditions set to get worse, more homes may be affected.
