Governors deducted 15% of the latest monthly pay of teachers taking part in the on-going industrial action because they believed it could damage pupils' education.
Now that the peak floods appear to have passed the main industrial areas around Bangkok factory owners will be assessing the damage and starting the process of getting their facilities back on-line.
In the letter which has been sent to the heads of all schools and academies, Mr Gove says that industrial action could cause "major problems for their school and damage head teachers' efforts to raise standards".
Bank of China, China Construction Bank and Industrial and Commercial Bank of China all revealed their exposure to the US subprime market recently but added that the damage would be limited.
He said teachers were facing real damage to their incomes and retirement but had proved they were prepared to stand up for themselves with the industrial action.