According to an article that was in our paper on Monday, Knoebels had about 40 rides up and running. They were opening up rides and attractions as soon as they had them cleaned up and inspected-- several while the park was open over the weekend.
Only the '72 (Agnes) and '06 floods occured during the season-- both in June. The '04 flood (Ivan) happened over one weekend in September, so they lost 2 days, and were up and running by the next weekend. The '75 event also happened in September, but I don't think the park was even open past Labor Day in those days. The '96 flood happened in January and was caused by a sudden snow melt.
I don't know whether those events over the past 34 years would make anyone think the park should be "moved." I would think the cost of moving (all the rides and other buildings and attractions, relocating utilities, not to mention the loss of revenue during the downtime it would take to relocate everything) would far exceed the cost of repairs needed now.
It appears that most of what needs to be done is time and labor, repairing the bed of Ol' Smokey, and draining and cleaning the pool, for example. There is the matter of replacing the damaged merchandise and food stuffs, but from what I've read, there didn't seem to be any major structural damage to any of the buildings or bridges that require repair.