Innovative funding for Wyre natural flood management interventions
The Wyre catchment suffers from significant flooding which has devastating impacts on local communities.
A report completed during Phases 1 and 2 identified potential natural flood management interventions in the Wyre, and these are in the process of being developed to quantify and prioritise. However funding for new flood prevention measures is limited, with the usual source of the funding (the Environment Agency) having limited capital funds for new interventions in this area.
What we are doing
There is the potential to draw in new and innovative funding streams to deliver these interventions, but resources will be needed to develop the natural flood management evidence base, and engage with investors to develop these investments.
If this situation could be resolved, funding would be available to support the delivery of the natural flood management interventions from new sources, and flooding in the Wyre would be reduced. There would also be a greater evidence base to support future natural flood management interventions in other areas.
We have provided a resource within the Wyre Rivers Trust to utilise these reports to attract additional funding. They will work with land owners to deliver the interventions (funded from new sources) and following the installation, monitor the impact. They are also working with the companies who initially modelled them to provide greater evidence of the impact of natural flood management, and to improve the accuracy of the modelled predicted benefits (including both flood benefits, and the environmental benefits associated with reduced silt loss, nutrient management and carbon sequestration).
Who else is involved?
Wyre Rivers Trust
Farmers and Landowners
Wyre Catchment, Lancashire
New staff member has been appointed, and has developed a funding strategy to secure funds for natural flood management interventions
Lessons learned on how information currently available in the Wyre can be used to develop new funding streams, has been logged.
A report on the benefits achieved from natural flood management interventions (and building the evidence base to support these) is in progress.
A log of new investors who have supported natural flood management interventions has been completed, with the information being used to approach beneficiaries in the ‘Wyre natural flood management investment readiness’ project.
A monitoring program to measure the benefits of natural flood management installations is in progress, which is helping to inform informed the monitoring strategy for the ‘Wyre natural flood management investment readiness project’ and future investment readiness projects.