Cork County Council say the flooding is a result of spring tides combined with a tidal surge
Units of the Bantry Fire Brigade and Council Road Staff have been attending the scene in the Town Centre since 3am.
They are advising anyone travelling through the town, particularly in the Wolfe Tone Square area, to exercise caution.
Bantry Fire Brigade have also stated that high tides and a possible storm surge are due again this afternoon and tomorrow.