Although I've flooded my share, Nikonas V and Digital Oly 3040 & 4040, each time it's toast as indicated above. Digital especially, BUT !!!.. they can repair them or at worst replace the guts which is still cheaper than getting a new one...
I think the last time I "Did" a 4040 and got it fixed, the repairs were apx $300 and the camera at that time, was apx $500, so cheaper to get it repaired - it's basically a refurbished one.
The real problem is if they can't replace the guts, then you have to get a refurbished one directly. It kinda goes like this (this is with Olympus)
Camera floods, you send it in:
- minor repair - depending upon flooding
- no repair, replace the guts
- no guts, get refurbished
- no refurbished, go to e-bay
- no e-bay etc, buy a new set up cause you're now outdated. You now have an expensive door stop.
Ironically, Oly, when it says they can't/won't repair it and recommends a refurbished one, will claim that they are out of refurbished models for xx weeks/months. Yet you go on e-bay and who do you think is the number one seller of refurbished cameras ??? (C4040)
Olympus!!, there selling them left and right.. so it's pretty much what you can scrounge around for.... got my "Backup" 4040 from them for $279 or so...
I say backup for the reasons stated above. When the camera can't be repaired, can't get a refurbished and is not available, what are you going to do... so got a back up to extend the life of the housing etc...
Frustrating to say the least, but a good excuse to upgrade. Kinda like computers etc.. just a lot of $$$, like computers..