Sylhet flood 2022 has created a devastating impact on all the sectors of economy. Sylhet and Sunamganj district had undergone tremendous damage and loss consequences. This study tends to determine the monetary value of damage and loss in those areas. Economic Commission for Latin America and the Caribbean (ECLAC) methodology for damage and loss assessment and Damage and Loss Assessment Form (D-Form) have been used partially in this study to calculate the damage and loss. Some emerging concept and methodology have been introduced here as well e.g., incorporation of recovery period to calculate loss, introducing sector-wise different equation to calculate sectoral damage and loss, and so on. Samples from four wards of Sylhet City Corporation under Sylhet district and four wards from two unions of Chatak upazila under Sunamganj district have been taken. Samples were collected by Sample Random Sampling method through a questionnaire survey. Total 176 samples had been taken, among them 87 were from the urban area, and 89 were from the rural area. 90% percent confidence level has been considered with 10% margin of error. In this study, damage and loss have been broken into several sectors and those sectors were further classified into several sub-sectors. The results show that damage and loss in the rural area is higher than the urban area. Agricultural sector and housing sector mostly contribute to the damage and loss in rural area. On the other hand, housing sector and private business sector mostly contribute to the damage and loss in urban area. Lower and lower-middle income people had undergone serious damage and loss compare to the higher income people. The people dwell in katcha or semi-pucca house faced the majority portion of damage and loss. As this study analyses the damage and loss into several sectors, it can identify the spatial vulnerability of the rural and the urban people. It can also identify the necessity of the vulnerable people. The outcome of the study will help the government and the policy makers to create a sustainable recovery, social protection and rehabilitation.