Yesterday the centre of the village was under 4ft of water in some places but today the water has been cleared allowing people to assess the full extent of the damage.
Click here to view a full photo gallery of flooding in Barnstaple and Braunton.
Despite the devastation caused some businesses are determined to reopen by tomorrow to ensure they don't miss out on last minute Christmas shoppers.
Dominic Hughes, from Hunter, a surf shop on The Square in the village, said he had lost 25 per cent of his stock but was still hoping to open tomorrow.
He said: "Yeah it is pretty devastating but we are clearing up now and trying to clear the floors of mud.
"There was about three inches in here when I got here yesterday morning at 6am but we are hoping once we have cleared everything and got the dehumidifiers in here it shouldn't be too bad."
VIDEO: Clear up underway in Braunton today:
The owner of Caen Cards and Gifts on Caen Street Jo Pimlott said the shop had 3ft of water with a lot of stock and shop's electric being ruined.
She said: "The water was up to the third shelf so a lot has had to be chucked, we haven't got into the stock room yet but everything is tipped over in there because of the amount of water."
Ben Byrom, who owns West Cross Garage in Braunton, is in charge of distributing sandbags in the village when flooding is expected.
He said: "This has been the worst I have seen it. I got the call from the Environment Agency at 5am yesterday and came straight down.
"We only had ten sandbags to begin with so they went pretty quickly.
"Evans Transport and Travis Perkins helped out and gave us sand and sandbags so I think we must have handed out 3,000 sandbags in total.
"The trouble is the flood defences work but the river is too jammed up at the memorial gardens with trees and silt - it acted as a dam.
"So it really needs to be addressed because it started spilling out before the river had filled up down at Score Farm Bridge meaning it came straight into the centre of the village.
"We just had to wait really yesterday afternoon and see how bad it got in the evening, luckily we had time to get around with the sandbags.
"I was taking some around with my canoe yesterday morning.
"The other problem has been though that the drains are blocked so the water has had no where to escape.
"I got home about 11pm in the end but of course we are concerned what the rain predicted tonight will do."
Another business on Caen Street severely affected was the London Inn.
The owner Mark Ridge said he estimates the damage to the pub will reach a total of £80,000.
He said: "The water was up to the top of the bar, it was 4ft high. We have lost all our stock so over £10,000 in total.
"It is awful, we should be so busy now and instead we are clearing up.
"All the fixtures and furniture will have to be replaced, I am waiting to hear from the insurance company but of course a lot of people are off work now for Christmas."
Mr Ridge said he was hoping to be back open tonight with all the pub's bottled beers still available to sell.
The roads in and out of Braunton are now reopened.
For further advice on preparing for flooding visit the environment agency website www.environment-agency.gov.uk
To report flooding incidents which are not posing a risk to life, contact 0300 1234 100.
Do you have any photos of flooding in North Devon? Email your photos to email@example.com or send them to us on Twitter: @ThisisNDevon. Click here to view a weather forecast for North Devon for the next four days. Related content: Family rescued from floodwater in Umberleigh as flooding continues in North DevonPHOTO GALLERY: Flooding in Braunton & Barnstaple - December 2012People evacuated from homes in Barnstaple after River Yeo bursts its banksPHOTOS: Flooding in North Devon - 22/12/12PHOTOS: Flooding in North Devon - December 2012PHOTOS & VIDEO: Braunton flooding - evening updatePHOTOS & VIDEO: Braunton flooding - afternoon updateNo trains between Barnstaple and Exeter until after Christmas