Earle Taka, who is known as Pat, was from central Hawke's Bay and was last seen at a service station at the intersection of Russell Rd and State Highway 2 Waipukurau.
In a statement this morning, police said Taka was found by a contractor who was carrying out flood protection work in the waterways of the Ōtāne area on Tuesday afternoon.
Hawke's Bay and Tai Rāwhiti received with torrential rain earlier this week, causing flooding and prompting evacuations as well as local states of emergency.
Police said they did not believe 66-year-old's death was suspicious and a post-mortem had been carried out.
When police reported on his disappearance, they said he was known to often hitchhike from his home at State Highway 2 Ōtāne, near Te Aute College to Waipukurau or Hastings.
