A £43m Government investment in Lowestoft’s flood defences will unlock investment and deliver jobs, as well as protecting homes and businesses, New Anglia Local Enterprise Partnership has said.
The funding will provide tidal flood walls and a tidal barrier to protect residents and businesses in the town, removing the risk that for years has held Lowestoft back in terms of economic growth.
It is the largest single award to any scheme in the country and part of an immediate £170m pot for national flood protection projects which can get underway by 2021.
New Anglia LEP is also a significant funder of the project, with £10m invested through the LEP’s Growth Deal. The scheme will support around 22,400 jobs and be worth £694m GVA per year to the local economy.
Chris Starkie, chief executive of the LEP, said the economic impact of the improved flood defences could not be underestimated. “As well as protecting homes and businesses in the town, this will enable investment and economic growth by protecting existing jobs and creating new employment opportunities.
“Clean energy is at the heart of this region’s economic strategy and Lowestoft has a significant part to play in that through the increasing development of the wind energy sector operating from its port. This investment is an endorsement of its economic potential.”
Councillor Steve Gallant, Leader of East Suffolk Council, said: “Lowestoft is worth investing in. Its current location on the coast and the flood risks that this presents, have been preventing it becoming one of the UK’s greatest economic successes. The award of this funding will allow us to protect people and their homes and, significantly reduce the risk of flooding to over 825 businesses, unlocking further growth, creating jobs and apprenticeships and securing the future of Lowestoft for generations to come.”