The Environment Agency has allocated the Southsea Coastal Scheme £97.8m of funding following on from planning permission being granted in December and now final approval from HM Treasury.
The Portsmouth City Council projects has also been granted a marine licence by the Marine Management Organisation, the equivalent of planning permission for work below average tide height.
Having cleared the final hurdles, VSBW, the VolkerStevin and Boskalis Westminster joint venture selected as contractor for the job, now expects to start construction work later this year. The first phase of work to start will be between Long Curtain Moat and Clarence Pier, while detailed designs for other sections are being developed.
The proposed scheme is designed to protect more than 10,000 residential and 700 non-residential properties in Southsea from coastal flooding.
David Ashmore, the Portsmouth councillor for environment & climate change, said: “Securing this funding is a testament to the hard work put in by the team over the last seven years. We are now able to replace the outdated defences and protect Southsea residents and businesses from the risk of flooding for generations to come."