Who is funding the scheme?
The Environment Agency has worked together with Great Yarmouth Borough Council and Norfolk County Council, and by securing funding from the Department for Environment, Food & Rural Affairs we managed to accumulate enough monies to deliver a scheme to repair and increase the level of protection to Great Yarmouth.
The construction will cost £40.3 million with an additional £6.2 million required over the next 30 years to maintain the defences. £27 million will be funded by Flood & Coastal Risk Management Grant in Aid (GiA) from central government. The remaining funded by Partnership Funding contributions including:
- New Anglia Local Enterprise Partnership (LEP) - £8.2 million from its Growth Deal with government (supporting the local economy and future growth)
- Department for the Environment and Rural Affairs (Defra) regeneration and growth fund - £5.4 million.
- Anglian Eastern Regional Flood & Coastal Committee (RFCC) - £2.8 million of Local Levy
- Norfolk County Council plan to contribute £950k
- Great Yarmouth Borough Council intend to contribute £50k
- The quayside owners and operators are also supporting the project where they can through contributions, materials and compound space.
We still require £1.6m from local sources to fund the future maintenance of the defences and the partners are continuing to exploring this.