This scene is from the movie The Day After Tomorrow. It is when the NY city gets flooded by the ocean.
The special effects(SFX) in this scene are great. I think that to get these effects they used computer generated images like for the lighting at the start and for the waves up close. They also probably used a small miniature model of the city and had water to show the flood from above at the time 1m 16s to 1:21. For the Rain they probably used rain heads and wind machines. They also may have shot the scene in water with SFX throw in and used waterproof equipment. Most of the sounds were most likely done at the sound studio.
I was impressed by the special effects of this scene because of how real it looks and the sounds are great too, even though these type of movies you can tell are fake.
