It's emerged the flood in Herne Hill will cost Thames Water and its insurers around four million pounds.
Dozens of businesses and homes were left under water on Half Moon Lane early on Wednesday morning after a pipe burst.
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Eyewitnesses report hearing the engine on Ford's vintage aircraft spluttering before cutting out approximately 500 feet above the ground.
Police are investigating whether a Land Rover Defender found burnt out in West Horsley was involved in Tuesday night's ram raid.
The work, called Gift Horse, replaces the giant blue cockerel that previously sat on the plinth.