Turn off the power supply to electrical and gas powered items in the basement. Call your local utility company if main switches are in the flooded basement. Do not enter a flooded basement if electrical power is still on, given the electrocution danger. Blown pilot lights can still emit gas, which can cause a fire or explosion hazard.
Open all windows and doors in the basement.
Pump standing water out of the basement with a submersible pump attached to a hose. Feed the hose out through a basement window or door and pump the water out. If floods are present outside the home, wait to pump until floodwaters recede.
Set up large fans to circulate air and promote drying. Use dehumidifiers to help remove excess moisture.
Suction up residual water that the pump cannot reach using a wet-dry vacuum.
Remove the contents of the basement. Hang textiles out to dry and discard saturated paper items. If textiles show signs of mold or mildew, wash with a mold-growth inhibiting solution, available at boating supply stores. If mold or mildew is still present, discard the item or call a professional mold remediation company to clean it.
Cut the bottoms of the walls a minimum of 6 inches above the water line, exposing masonry foundation. Remove the bottom portion of drywall and wet insulation behind the drywall. Leave the bottoms of the walls open until drying is complete.
Wipe down walls, floors, exposed masonry, ceilings, hot water heaters, furnaces -- and anything else that cannot be moved out of the basement -- with an equal mixture of chlorine bleach and water, to disinfect each item and prevent mold growth. Wear a protective mask, safety glasses and rubber gloves when working with bleach.
Allow the basement to dry fully before repairing and repainting walls and moving belongings back in.