Funding
Financial Position
The cost of the tidal barrier element of the scheme is comparable with other UK barrier schemes. At present, there is a £124m funding gap for the barrier.
The town meets the funding criteria for at least seven Government departments, however funding is primarily through Defra’s Flood Defence Grant in Aid (FDGiA), which is aimed largely at numbers of properties at risk.
How can you get involved?
With billions of investment across the East of England, huge financial resources will help the town grow the green energy sector over the next decade and support the UK’s net zero carbon emissions target. This shows that Lowestoft is at the heart of the country’s climate change commitments.
Paradoxically, the town is itself at significant risk of climate change impacts. It is the only UK coastal town of its size without any formal tidal flood defences, a factor that led to the flooding of 158 homes and 233 businesses, and the disruption of critical infrastructure as a result of the 2013 east coast tidal surge.
Despite costs being comparable with other barrier schemes in the UK, opportunity to attract Government FDGiA are limited. The project team seek public and private funding from other sources to fill the gap.
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Are you a beneficiary of the scheme?
Will your business be more resilient to flooding as a result of the scheme? Will the reduction in flood risk help grow your business? You can help realise these benefits more quickly by contributing to the scheme. This could be through financial support or providing services in kind.
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Are you a strategic funder?
Does this scheme deliver your priority outcomes? Does it align to your strategic aims?
You could support the project and meet your objectives.
Could you advocate for the project?
If you believe in the scheme, but are not in a position to contribute financially, we are looking for individuals and organisations to join us as an advocate. You can do this in many ways, including:
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Writing a letter to the Defra Secretary of State;
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Supporting the project using your own connections and networks;
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Promoting your support for the project through the media – traditional, digital and social.
