There is a new Flood and Coastal Erosion risk management
funding policy. This is the Government response to the consultation on reforming our approach to floods funding.
Executive summary – Flood and coastal erosion risk has increased and is projected to continue increasing due to climate change, with impacts also growing due to economic and population growth. By 2024, flood defences were at their poorest condition on record, and communities and flood risk management authorities struggled to deliver new flood and coastal erosion defences.
We are reforming our flood and coastal erosion funding policy to accelerate the construction of flood schemes and reduce risk to thousands of homes and businesses. We will do this by replacing the old complex and out-dated approach with simpler and more
transparent rules.
You will find the full report here
So what’s the problem? According to the document:
- Projects of a value greater than £50 million, which have an approved full business case by 31 March 2026, will stay on the old funding rules
• projects of a value under £50 million, which have an approved outline business case by 31 March 2026, will stay on the old funding rules
• projects of a value greater than £50 million, which have not achieved an approved full business case by 31 March 2026, will move to the new funding and prioritisation rules
• projects of a value less than £50 million, which have not achieved an approved outline business case by 31 March 2026, will move to the new funding and prioritisation rules