£10.5bn FCERM Investment Programme 2021-2027
Commitment: Invest £10.5 billion in flood and coastal erosion risk management (FCERM) over 2021-2027, protecting 336,000 properties and creating and improving 2,700km of flood defences.
Owner: Defra / Environment Agency
Target date: March 2027
Metric: Total public investment; properties protected; kilometres of defence created/improved.
Status: active
Programme scope
- Total investment: £10.5bn (largest ever flood investment programme at time of announcement)
- Properties to be protected: 336,000
- Flood defences created or improved: 2,700km
- Timeframe: 2021/22 to 2026/27
Funding structure
The programme is primarily Defra capital grant funding to the EA, supplemented by:
- Local levy contributions (from Lead Local Flood Authorities)
- Partnership funding from developers and other beneficiaries
- Growth duty requirements (EA must consider economic growth when managing flood risk)
Delivery trajectory
| Period | Properties protected | Cumulative |
|---|---|---|
| 2021-22 | ~28,000 | 28,000 |
| 2022-23 | ~30,000 | 58,000 |
| 2023-24 | ~25,000 | ~83,000 |
| 2024-26 target | 52,000 | ~135,000 |
Key risk: capital allocation
FCERM capital funding is set through Spending Reviews. The Spending Review 2025 reaffirmed the programme, but annual allocations can vary. Infrastructure cost inflation (a cross-government risk) affects the real-terms value of the £10.5bn commitment.
Investment framework reform
A new FCERM investment framework is due April 2026 (ea-flood-new-framework-april-2026) — expected to update how flood risk investments are prioritised and how partnership funding is assessed.