The flood defence will provide protection to the villages of Burringham, Gunness and East Butterwick.
Some 3.5km of sheet piles will be installed along the east bank of the river Trent from the M180 to Keadby Bridge.
Across the river on the west bank, the defences will be raised where there are low spots to protect communities across the Isle of Axholme.
Client for the project is North Lincolnshire Council, with funding from central government’s Northern Powerhouse Local Growth Fund.
VBA, a joint venture of VolkerStevin, Boskalis Westminster and WS Atkins, was awarded the contract in May 2017.
The flood defences will also form a key role in the council’s ambitious £1.2bn plan to build six new villages to the east of the Trent.
Cllr Rob Waltham, leader of North Lincolnshire Council, said: “This extensive flood defence scheme will not only protect our existing villages on both sides of the Trent, it will provide protection for future generations in the six new Trentside villages planned for North Lincolnshire.
“The billion-pound Lincolnshire Lakes project is the largest investment of its kind in North Lincolnshire and will transform our area so it is vital that we get it right.
“Thanks to these new flood defences we can give residents, both current and future, peace of mind that their homes and communities are protected.”