Cyclone Fili has peaked and is now weakening - but it's likely to reform into a new storm system as it passes near - or even over - the North Island next week.

At this stage Tuesday to Thursday sees severe weather risks in the North Island - and possibly even the upper South Island, says WeatherWatch.co.nz

"Elsewhere, we have some wet weather next week for drought hit Southland and more showers in NSW where flooding again hit Sydney yesterday - but hopefully the worst is easing as we head into the weekend."

Watch the video above to see the latest forecast from WeatherWatch.co.nz head forecaster Philip Duncan.

The view of Mount Maunganui taken from Aongatete at 6.40am.Photo: Jenny Lucey.