The Department for Environment, Food & Rural Affairs and Environment Agency has said it now expects costs of around £16.2 billion to upgrade the flood defences in the Thames Estuary for the period 2023 to 2100 – a rise around 50% since 2012.
The funding is needed to:
- acquire land for future flood defences
- maintain and upgrade flood defences
- create habitat for wildlife
- replace the Thames Barrier by 2070
- fund teams in the Environment Agency to monitor, review and update the Thames Estuary 2100 (TE2100) Plan.
According to DEFRA, since 2012, the estimated cost of putting the TE2100 Plan into action has increased by around 50% due to:
- inflation
- flood defences deteriorating faster than expected
- a better understanding of the current defence system
DEFRA has published an update policy paper setting out its approach to funding the TE2100 Plan, including:
- How much investment is needed
- Flood Defence Grant in Aid (FDGiA) investment
- Getting investment from people who benefit from flood defences
- Riparian owners
- Other sources of investment
- Investment strategy
Flood Defence Grant in Aid (FDGiA) investment is provided by the Government to manage flood risk in England. However, there will not be enough available to fund all the flood defence work needed in the Thames Estuary and there is a need to fill the funding gap. A condition of FDGiA funding is that DEFRA must secure contributions from people who benefit from flood defences. According to DEFRA, there are a significant number of beneficiaries in the estuary, including businesses, landowners, infrastructure providers and others. DEFRA will work with beneficiaries to explore opportunities to obtain contributions.
DEFRA said it will also look for other sources of investment – for example, working with stakeholders who can fund improved public or recreation spaces, such as councils, developers and charities.
The Department is currently working with its partners to develop an investment strategy to cover the gap between government funds and projected costs which will:
- be co-developed with those who will benefit from Thames Estuary 2100
- explore long-term finance options
- consider innovative funding sources, such as green finance
- propose how to fund a replacement for the Thames Barrier
- outline legal roles and responsibilities
DEFRA said it will continue to work with partners to consider “all options for innovative investment.” It will also continue to review and update the cost estimates to adapt to changes to the work needed. The Department is aiming to publish the strategy by 2025.
The Environment Agency has separately said it will publish an updated Thames Estuary 2100 Plan in May 2023, following the conclusion of a consultation on its proposals which ran from 26 September to 20 November in 2022.
Click here for more information about the TE2100 Plan
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