Border landholders fear they will be left flooded like 2016 unless the Murray Darling Basin Authority releases water.
With Hume Dam at 74 per cent capacity and rising rapidly following persistent rain, landholders and business owners believe urgent action is needed.
Byron Gray, who owns a 300-acre property on Willowbank Road, said if nothing is done a flood is all but guaranteed.
"All the catchments are saturated, so any rain that we get is going to be runoff and we don't know what inflows will come from the snowy scheme," Mr Gray said.
"Everyone on the river can see what is going to happen, we'll get a flood."
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John Fowler runs a 150-acre property at Splitters Creek and described the lack of action on releasing water as "ridiculous".
"I'm not a panic merchant but I've got some big alarm bells going off," Mr Fowler said.
"It's going to be worse than 2016.
"I think it'll be around the end of August, the weir will be full at 100 per cent.
"That last flood in 2016 was a man-made flood, not a natural one, because they let the weir get so full and so high before it had any discharge."
In 2016, July rainfall in the Albury area totalled around 125mm.
So far this year the Border has had 115.8mm of rain, with a full week of rain forecasted to cap off the month.
"People are unaware in Albury that the weir is filling at one per cent a day and it's raining and raining and no one seems to be aware of it or concerned," Mr Fowler said.
"You don't want to sit on your hands and watch Rome burn, if you can prevent things from happening you've got to do it for the benefit of everybody."
Karen Dunstan, who is the owner of the Corowa Caravan Park which was completely flooded in 2016, worries about the impacts another flood would have on the business.
"It's a lot for anyone to go through, especially with COVID going around having no one to come up here, it would really knock a lot of people around," she said.
"It flooded the park very high and it took us at least 12 months to get it totally cleaned up properly after we took over."
Murray-Darling Basin Authority's head of river management Andrew Reynolds said they were monitoring Hume Dam's capacity.
"The authority has a defined process and rules that determine how and when pre-releases are made for what is called airspace management," he said.
"Following this process, the current trajectory is that airspace management may start within the next week to help safely fill the storage and increase flood mitigation if flooding occurs in the coming months."