Storms Frank and Eva ‘have cost Scotland’s economy up to £700m’

PwC also said insured losses look to be between £175m and £350m.

The figures compared with an estimated total UK economic loss of up to £2.8bn and insured UK losses of between £1bn and £1.4bn.

PwC said storms Frank and Eva had hit Scotland particularly hard, with flooding in many parts of the country.

However, it added it remained difficult to ascertain the full financial impact of the storms and the rainfall.

Last night residents living close to the River Don in Aberdeen were advised to pack their belongings and seek shelter elsewhere as water levels reached a record high.

Council chiefs drew up a list of essential supplies that householders living in the lower residential areas in Donside should take with them after torrential rain left the Don close to bursting its banks.