In addition to the deaths and many flooded homes, the recent floods have destroyed potentially millions of dollars worth of musician's gear, including vintage amps, basses, and guitars.
One warehouse, Soundcheck Nashville, stores over 1000 different musician's gear, was flooded fairly heavily.

http://www.bnd.com/2010/05/05/124445...s-in-gear.html

Most businesses have been damaged as well. I saw BB King's club was shown on the news, damaged and closed, for instance. They've called the flood a once in 500 years type of event.