Cyclone Yasi on Thursday devastated banana plantations in far-north Queensland, which supplies more than three-quarters of Australia's production. Queensland endured a night of terror as Cyclone Yasi, the category five storm, struck early on Thursday morning 1am (AEST), delivering 290km/h winds and raging seas.

There has been extensive damage to homes, businesses and crops, and at least 177,000 homes left without power.

According to National Farmers Federation President Jock Laurie, Cyclone Yasi destroyed all the banana plants in the major growing regions of Tully and Innisfail, which supply more than three- quarters of the nation's bananas.

Laurie said the storms will almost certainly impact on banana prices.

Cyclone Larry, which hit north Queensland in 2006 has destroyed mass production of banana plants, and has forced shoppers to pay up to 13.15 U.S. dollars a kilo for bananas.

"It did (after Cyclone Larry), and I can't see any reason why it wouldn't now," he told Australia Associated Press on Thursday.

He estimated banana production would not return to normal levels for another 12 to 18 months.

The Bananas Growers Council's Jonathan Eccles agreed there would be a drastic decrease in supply, as almost all of the country's bananas are grown in the path of the storm.

Australian National University (ANU) economist Jeff Bennett said it is highly likely the damage from Cyclone Yasi will drive banana prices up to levels to similar to those seen when Cyclone Larry hit north Queensland in 2006.

"That will add to the losses that we've already seen in central Queensland and also to the losses in the banana-growing areas of Western Australia around Carnarvon that were also affected by floods late last year," he told ABC News on Thursday.

"The scope of the impacts of these natural disasters on our banana crops is unprecedented."

The sugar industry is also counting the cost of the disaster, with suggestions crop losses of up to half a billion dollars.

The horticulture, meat and dairy industries were also likely to feel an impact.

Prime Minister Julia Gillard on Thursday said it was too early to estimate the cost of the cyclone.