THE worst storm in 100 years has left a $50 million trail of destruction across Melbourne, flooding homes and shops, stranding motorists and sparking outbreaks of looting.

Flash flooding sent torrents of water - waist-deep in some places - thundering through homes, shops and schools.

Two motorists cheated death after being trapped in their cars by rising floodwater.

Emergency workers used boats to rescue motorists stranded on their car roofs on the Eastern Freeway.

Collingwood Football Club was distraught yesterday after floodwater ruined priceless memorabilia at Victoria Park, while residents from a North Balwyn nursing home had to evacuate.

Houses were damaged, contents destroyed and cars floated down streets like gondolas.

One of the worst hit areas was a shopping strip in Station St, Fairfield, where a wall of water smashed windows, soaked stock, upturned displays and left a layer of mud and scum.

Two people have been charged after reports of looting in Fairfield.

More than 10cm of rain was dumped on several suburbs during the storm.

"It was a one-in-a-hundred-year type of event, but that doesn't say we couldn't have another one tonight or next week," SES regional manager Bob Cowling said.

The storm first hit Craigieburn in Melbourne's outer north about midnight. It blasted through Broadmeadows, Coburg, Thornbury, Fairfield and Northcote then looped through the eastern suburbs of Doncaster, Balwyn North, Bulleen and Templestowe before weakening coming back to the city.

State Emergency Service volunteers responded to about 1600 calls for help.

Premier Steve Bracks toured storm-ravaged suburbs and promised $900 emergency grants to residents forced from their homes. Those unable to return to their homes for a lengthy time could be eligible for hardship grants of up to $7300.

Information is available from local councils and the Department of Human Services on 9616 8849.

The storm led to:

SEVERAL schools closing down for the day – and some for the rest of the year – because of damage.

SHOP owners being forced to shut down for weeks after destruction to their businesses.

COLLINGWOOD Football Club suffering damage to priceless memorabilia, including photos and documents.

FRIGHTENED Thornbury residents huddling on a street roundabout as floodwaters swept through their homes.

A BOAT worth $80,000 being ripped from its moorings and smashed against a bridge over the swollen Yarra River.

THE Lost Dogs Home rescuing at least 15 dogs that fled in panic.

East Kew cabbie Gary Rothschild, 49, was driving to his girlfriend's Templestowe home to help her fight off floodwater when his car was caught in a lake that had formed on a street.

With electric windows and locks not working and an air pocket running out as his car sank, an SES crew arrived to save him.

"I knew I was losing air space in the car and I was crawling towards the back where the air was. I'm sure glad those guys were there," Mr Rothschild said.

His SES rescuer, Glenn Taylor, said: "My biggest concern was to get him out quickly without him gargling in the water that was coming in.

"He was craning his neck and crammed towards the back part of the vehicle. I quickly kicked the window in . . . and basically grabbed him out as quick as I could."

Preston cleaner Ratko Damjanovic thought he was going to die when he became trapped in his car in floods at Fairfield.

Mr Damjanovic, 61, was rescued by two unknown men who pulled him from two-metre deep water that had risen to his chin.

"If no people grab my legs and pull me out, I could have died inside the car," he said.

The Metropolitan Fire Brigade's maritime response unit took to boats along a flooded Eastern Freeway and plucked to safety 10 motorists suffering hypothermia.

"We thought we would be safe on the freeway but then we got stuck," said motorist Nasya Bahfen after her rescue.

Four young men from Broadmeadows pulled several motorists free from floodwater in Coolaroo.

Three brothers and a mate towed several stricken cars from trouble and pushed three others clear.

The storm left a bomb-like trail of destruction, with businesses in Fairfield's Station St the worst hit. Almost every shop was ravaged by two-metre deep floodwater.

Several businesses had damage bills of more than $50,000.

Police charged a Northcote man and woman with theft of $60 worth of goods, believed to have been looted from a Station St deli and chemist that lost everything in the storm.

The couple have been charged on summons.

At Rowville, Tammy Bullock had a close escape when she fled with her toddler before plaster and insulation came crashing down in her Valleyview Dve house. Her husband, Scott, was hit by debris as he worked to minimise damage to their home.

In Thornbury, an elderly woman and a pregnant woman with a baby fled their homes for higher ground as a wave of water rolled in.

Mr Bracks praised the emergency services. "I congratulate all those who have been involved in the efforts overnight in what is the most severe flood that we've had in the metropolitan area of Melbourne for 100 years," he said.