The Oxford Flood Alleviation Partnership has secured funding for the scheme that includes 2.6km of new flood defences.
At least 15ha of new habitats, seven new bridges, and 2.6km new flood defences could now be created after the Oxford flood alleviation scheme partnership secured funding for the project.
The Government has pledged £65m in funding towards the project and a range of partners will provide the other £55m including the Oxfordshire Local Enterprise Partnership, Thames Regional Flood and Coastal Committee, Oxfordshire County Council, Oxford City Council, Thames Water Utilities, and the University of Oxford.
The funding covers the design and construction costs of the scheme. The project team will now work on the full business case, which will be submitted to HM Treasury later this year.
"This is a huge scheme – one of the biggest the Environment Agency is working on – and when complete it will not only reduce flood risk to homes across Oxford but it will also protect vital infrastructure, enabling the city to keep moving during flooding," says Joanna Larmour, project director at the Environment Agency.
"It will also benefit communities and wildlife in a number of ways, including improving existing public footpaths and creating new habitat for wildlife and improving biodiversity."
The EA will also submit a planning application for the Flood Alleviation Scheme this March, and it will take about three years to deliver the project.