Incredible moment dog owner is winched to safety after jumping into a flooded river to save her pet

A woman says she ‘lost her mind' and was terrified her dog would not survive, when she decided to jump into a rapidly flowing Victorian river to save her pet.

Madi, 29, was walking her rescue dog Minka along Werribee River in Melbourne's west about 1.30pm on Boxing Day, when the dog jumped in.

‘She's never gone in the river before, and she chose yesterday when it was really full and flowing very rapidly,' the dog owner told reporters on Wednesday.

‘I kind of kicked into mum mode and started running downstream after her trying to get her to swim to me, but the current was too strong for her to actually be able to cross the river.'

Madi jumped in after Minka but then struggled to get out of the river, which was deep after days of heavy rain.

‘I just lost my mind and made the decision to go in the water, which I think is just what you do if your dog's in that much trouble,' she said.

‘I quickly realised that I wasn't going to be able to get her out with me.'

She pulled Minka onto a small island and clung onto a tree until she ‘screamed like a mad woman' and found someone walking near the river to call for help.

Five water police, two search and rescue members, local SES and police all came together to rescue the pair.

Victoria Police Search and Rescue Acting Sergeant Nicole Bath said the river was flowing quickly and carrying debris when they found Madi and Minka.

‘(We were) quite concerned with the rate of the flow of the water and how cold she would be, waiting there for some time,' she said.

‘Our initial concerns were just getting down there to make an assessment and just get her out as quickly and safely as we could.'

She said rescuers tethered themselves to the river and put Madi in a life jacket to pull them to safety.

Luckily, Madi and Minka did not suffer any serious injuries in the ordeal.

Sgt Bath had a warning for all Victorians as water levels continue to rise following heavy rain since Christmas.

‘We'd like to just reiterate that message of safety around all waterways and particularly for floodwaters,' she said.

The rescue comes as two people have died in the state's storms this week.

A woman, who is yet to be identified, died after a campground was hit with flash flooding in regional Victoria.

Emergency workers were called to the Buchan campground in east Gippsland just after 5pm on Tuesday.

A number of vehicles in the campground area were underwater and several people were safely retrieved from a nearby bridge, but the woman's body was found by police about 6.45pm.

Meanwhile, a 44-year-old Bunyip man was killed earlier on Tuesday after a branch fell on his property in Caringal, eastern Victoria.

Much of the state remains on flood watch on Wednesday, with a moderate warning in place for the Avoca River at Charlton as it is likely to peak at seven metres.

As the weather improves, Victorians are being warned to check water conditions as the rain has swept contaminants across Port Phillip Bay and into the ocean.

EPA Victoria is urging swimmers to check the water quality before going in, as it remained poor for up to 48 hours after heavy rain, which brings an increased risk of skin rashes, eye irritations and gastro.