[1] The Lions Clubs of Victoria and Southern NSW owns a large section of land in Licola and operates a youth camp on site, the Licola Wilderness Village, which is immediately surrounded by farm land.

It has one general store including post office and petrol station and a small number of houses.

It is also the only Victorian town not connected to the mains electricity grid, generating its own power.

[4] In July 2007, Licola suffered serious floods which caused a great deal of damage to roads, farms and national park areas.

The main road from Heyfield was closed for two months following the destruction of the heritage-listed Cheynes Bridge, which was subsequently rebuilt.