Abundant geological and archaeological evidence probably explains the origin of the biblical flood myth, the Legend of Atlantis, perhaps the destruction of Troy VI, and the widespread fear of the sea in ancient Mediterranean myths.
Around 1630 BC, the volcanic island of Thera (now Santorini, sometimes called Strongphyle) blew itself to pieces in a massive Krakatoa-like eruption. The Plinian* volcanic explosion “may have been one of the biggest volcanic eruptions on Earth in the last few thousand years” [s].
Volcanoes rain fire and brimstone on nearby cities. They also drop volcanic bombs (pillars of salt – yes, it does look a bit rude. Lot's wife?).
(animation of the eruption here. It is inaccurate in so far as the pre-eruption island was a volcanic cone and not yet a caldera.)
The earthquake, eruption, and resultant tsunami disrupted the nearby Minoan civilization**, so it is called the Minoan Eruption. The tsunami would have struck all around the eastern Mediterranean, including the Nile delta***. (impact.) Anyone who saw the footage of the recent Indian Ocean tsunami (Boxing Day, Sunday 26th December 2004) knows that the sea recedes, then wave after enormous wave strikes.
The Nile Delta would have dried and then have been repeatedly inundated.
Sound like any myths that you have heard of?
The explosion of Thera could also explain dramatic shifts in the course of the Nile. Some Nile-side cities had to be relocated because the river suddenly abandoned them as a result of silting. A famous relocation (Pi-Ramesses) post-dated the Minoan Eruption.
*** the Hebrew phrase in Exodus is Yam Suph, meaning Reed Sea (Red Sea is a mistranslation). Its location is uncertain.