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Britain's government was holding emergency talks on Sunday, and Prime Minister David Cameron will chair a call of the COBRA emergency committee as the floods cause chaos for families during the Christmas holiday season.
Hundreds of flood warnings are in place around the country, with 31 of them severe, signalling a risk to life.
In Paraguay, Argentina, Uruguay and Brazil, days of torrential rains have drenched a region where the countries border each other.
Paraguay is the hardest hit with at least 100,000 evacuating, according to the National Emergency Department.
Argentina's state-run news agency Telam reported that 20,000 people suffered the same fate in that nation, while Uruguay's National Emergency System says some 9,000 were displaced by rivers that overflowed their banks.
The civil defense department in the southern Brazilian state of Rio Grande do Sul says at least 7,000 people had to leave their homes.
"We are going to have a few complicated months, the consequences will be serious," said Ricardo Colombi, the governor of the Corrientes region in Argentina, after flying over the worst affected areas with national Cabinet Chief Marcos Pena.
At least four people have died in Argentina and Uruguay due to the storms and floods, according to local media reports. One was reported to have drowned while another was electrocuted by a fallen power cable.
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The storm is expected to impact the coastal region of West Bengal, including Kolkata