Canal ranger Mark Baker (pictured) says they don't know why it started sinking. It is possible the contractors who were doing the tree surgery work dropped heavy logs into the boat and pierced the hull. Or it might have simply rusted through over the years.
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The Environment Agency has issued its highest flood warning for Portreath - saying that lives are at risk in the area.
A weekend of bad weather is due to hit the South West from today (6 February). The Met Office and Environment Agency have issued warnings.
The young man who turned his bedroom into a bomb-making factory and then tested the devices in disused mine shafts.