Flood defences to receive £7.9bn investment over next decade
The Environment Department (Defra) said the money will be spent on rolling out high-performance flood barriers as well as nature-based solutions such as wetland restoration.
Climate change is increasing the risk and frequency of flooding in the UK, with the Environment Agency saying one in four properties in England will be in areas at risk of flooding from rivers, the sea or surface water by mid-century.
It comes ahead of the Government's expected unveiling of its infrastructure strategy – a long-term plan to invest in and deliver major infrastructure over the next 10 years.
The aim of the flooding programme is to protect hundreds of thousands of homes, businesses and vital infrastructure as the flood risk intensifies, save public services money and support economic growth.
Defra said every £1 spent on flood defences is expected to prevent around £8 in economic damage.
The major funding pledge will bolster the Government's mission of accelerating economic growth, by reducing the time and costs businesses face when recovering from floods and empowering them to invest in local areas.
Environment Secretary Steve Reed said: 'Protecting citizens is the first duty of any Government.
'Under the Plan for Change, this Government is taking urgent action with the largest flooding programme in our country's history.
'We will leave no stone unturned to protect our citizens.'
Philip Duffy, chief executive at the Environment Agency, said: 'As our changing climate continues to bring more extreme weather to the nation, it's never been more vital to invest in new flood defences and repair our existing assets.
'This long-term investment will be welcome news for businesses and homeowners, who have too often faced the destructive nature of flooding.
'Our priority will continue to be working with the Government and local authorities to ensure as many properties are protected as possible.'
The nearly £8 billion investment follows Chancellor Rachel Reeves announcing departmental budgets for the next three years in her spending review last week, which included an overall real terms squeeze on the environment spend.
The Government confirmed that £4.2 billion will be spent on the flooding programme up until 2028/29.
Defra said this money will be focused on both capital and resources such as building new defences and repairing and maintaining existing ones.
On the other hand, the £7.9 billion 10-year settlement is solely capital spending, which means the total spent on flood resilience will be higher, subject to future spending reviews.
Responding to the announcement, James Wallace, chief executive of River Action, said: 'We need to invest in climate-proofing our nation but not at the cost of the natural world that sustains us.
'If we're serious about protecting communities, the answer lies in funding for natural flood management not building homes in floodplains and pouring concrete.
'Instead we need to rewiggle rivers, restore wetlands, reintroduce beavers, nature's master engineers, and apply upstream thinking to slow the flow.'
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