The UK government’s first ever long-term flood defence investment programme has been announced, designed to protect over 300,000 properties, reduce flood risk by 5% and save the economy £2.7bn by 2021. The six year plan, the government says, will cost £2.3bn.

With 1,400 projects within the programme, local authorities will be able to plan ahead and reassure communities that flood risk is being reduced in their area. New schemes may also be added as the programme progresses.

Environment Secretary Elizabeth Truss, said: “We know how vital it is to tackle flood risk and from the Humber Estuary in the North-East to Thames Estuary in the South this ambitious programme of defences will reduce the threat of flooding for hundreds of thousands of people. This long-term investment will allow businesses and communities to thrive and local economies to flourish by delivering greater protection from flood risk over the next 6 years.

“We are spending £3.2 billion in flood management and defences over the course of this parliament – half a billion pounds more than in the previous parliament. This, combined with the record level of investment in capital we have set out today, will improve protection to 465,000 homes and businesses by the end of the decade.”

Commenting on the announcement, Catherine Barton, partner in EY’s insurance practice, said the investment will be as welcomed by the insurance industry as it is by the home owners and businesses who are based in the affected areas. "As the frequency of severe flooding in the UK has been increasing in recent years, the expectations of the insurance industry has become an issue of keen debate," she said. "Flood defence work, such as the projects proposed by the Treasury, will be critical in controlling the impact that extreme wet weather has on the families and businesses it affects, including their subsequent insurance costs. Government investment in defence should ultimately help insurers to avoid introducing more unpopular insurance premium increases that are driven by the increasing occurrence of weather events, which damage property and affect business continuity.”

Major projects that will benefit include:

£80 million for the Humber Estuary
£17 million for Tonbridge, Yalding and the surrounding communities
£196 million for the Thames Estuary programme
£73 million for the Boston Barrier/Barrage
£42 million for the Oxford Western Conveyance
£47 million for the Rossall Coastal Defence Improvement

In addition, the government will commit to spend £15.5 million in Somerset on flood defences over the next six years benefitting 7,000 properties, including £4.2 million on the Somerset Levels and Moors. This is part of at least £35 million committed to Somerset from this year until 2021.

The investment programme was published alongside a new long term study from the Environment Agency, which shows that the planned investment will reduce overall flood and coastal erosion risk in England.

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